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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Freedom Fighter who wrote (85777)	11/22/2000 12:57:50 PM
From: Knighty Tin	Respond to of 132070

Wayne, Amen, bruddah, but I expect the flood of money to continue until even the stock market bulls are aware that it's a fraud.

To: Freedom Fighter who wrote (85777)	11/23/2000 11:54:07 AM
From: George Acton	Read Replies (1) \| Respond to of 132070

>> IMO, at its core, free markets and animal instincts had only a little to do with it. The fault lies in the huge weaknesses in our monetary system, unchecked credit expansion, bailouts, and other "socialist" ideas that prevented the corrections early on and added fuel to the game later. I hope it gets interpreted that way. << I agree about the credit expansion and bailouts. But it's difficult to see what socialism has to do with it, unless it depends on a slogan or mantra that all bad things reduce to socialism. The argument for central bank intervention in something like LTCM or reliquefying citicorp in the early 90's is that a lot of innocent bystanders get hurt when the free market is allowed to work. And a lot of the problem looks like animal spirits to me. Last time I noticed we had two (2) costly satelleite systems failed or failing because they were excess capacity. We have several spare fiber optic systems now, backed up by high yield bonds. One recent break in the NASDAQ was due to the deduction by analysts that the whole supply chain for fiber is going to slow. I don't think the answer is central planning, but it clearly looks like some massive misallocation of capital investment has occurred. And by people who would be deeply insulted to be called socialist.