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To: Bruce Brown who wrote (91229)	1/4/2001 12:21:42 PM
From: marginmike	Read Replies (4) \| Respond to of 152472

I studied Japans economy, and wrote my thesis on their economic situation versus America's. Man did I get it wrong! The Japanese economy obviosly had many diferences the the USA, and I am not trying to draw parrelles to Japan. However the Monetary mistakes which pumped a huge credit buble there is identical to ours. The money in Japan was spent inflating Real Estate. The money here was used to inflate Tech stochs. The outcome will ultimatly be the same. The bubble pops and those values dwindle and the economy suffers through a bad recession. That being said I think The US economy is more resilient and should pull out of a tail spin much faster. The banking and Financial systems here are much better. However that being said we are still have a recession coming our way! The Naz PE, like Japans realestate is way down but still at least 30% overvalued by historic metrics. The DOW and S&P are much more fairly valued.