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To: Raymond Duray who wrote (10555)	2/21/2001 9:33:59 AM
From: Sig	Read Replies (1) \| Respond to of 13572

>>>. This has to be one of the most ridiculous ways to fund new industry imaginable. Of course, all the inmates of the madhouse have forgotten that this is the ostensible purpose of a stock market, while they obsess over the casino aspects of the "game". I see scant hope that volatility ends or rationality returns any time soon.>>> When America builds something, they put their heart and soul into it. Funding the railroads and the transcontinental.Building airplanes the enemy cannot shoot down, with none lost in three wars,... ah, police actions The gold rush, where far more money was poured into mining stocks than was ever extracted in metals. Stocks were not originally intended or expected to consistently make money for shareholders, it was gambol. with the hope of collecting dividends. Ford is not making any money, after all these years they owe 8 times what their assets are. They make money for banks, for dealers, and jobs for employees. And pay a few dividends. The vision of easy money in tech stocks created a bubble that will put the Tulip mania to shame Creating a new industry is one of the most wasteful uses of money conceivable. A whole new industry was created here,with the IPO's. Brokers with lists of institutions, technically educated, who wanted in on the action. Yale, Harvard, UM, police depts, teachers unions, there are thousands of them, stuffed to the rafters with tech stock certificates that have decayed rapidly. OK, we have these wonderful new gadgets and software programs, but the real money is to be made in selling the stuff. The old TPC's (the phone company) sending out monthly bills, the ISP's, the cable companies, the game manufacturers, Best buy and RAdio shack. They know how to get the gadgets on the cheap, pitting one producer against another, creating price wars. And if they postpone spending, as they have the whole system suffers. There are 870,000 brokers in the US, trying desperately to keep their game going after years of easy money, selling IPO's over the phone. And now finding no buyers. There was and is nobody in charge, Fund managers extract $100 bil from investors money each year. Here I have to agree with Mr Greenspans actions, someone had to put a stop to the nonsense or we would have crashed even more rapidly from 6000 rather than from 5000. The backbone companies will stick around, Msft has $26 bill cash, Csco has 5 bil. Intel has $12 bil. Dell has $8bil( I just had to add that one)G BWDIK Sig