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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (71353)	2/23/2001 8:57:44 PM
From: SOROS	Read Replies (1) \| Respond to of 436258

NAKED WOMEN Now that I have your attention: Anyone know what the historical PE average is on the Nasdaq and what it is right now? I can't help but see this market as a TOTAL casino right now. What changed fundamentally between 1:00 and 3:00 today? Nothing except one guy opened his trap. Did something happen? No. Did he reveal a new truth? No. Did he even say something that no one else had thought about? No. This is pure gambling and nothing more. There is no true investment anymore. New era? Garbage. New manipulation! A large percentage of the people who follow these threads are traders. I used to think the markets would stabilize and begin to behave historically again. Now I think this market will have a little more of this gambling behavior, and then a some point, major calamity will ensue. You cannot dodge gravity forever. Unless everyone is happy to pay further and further out for earnings to justify outrageous PE ratios, we will have catastrophe. The USA will pay a large price for condoning the behavior of the past President and his policies. Greenspan has been in his pocket and doing his bidding for 8 long years. That policy has been "go for immediate gratification at all costs" and "delay the inevitable for as long as possible and perhaps you can get away with anything". He and his wife did. Greenspan has so far, but the country and the world will not get off the hook as these people have. History will prove the past 8 years was the undoing of the entire American dream set in motion by the founders of the country. Amazing that one corrupt administration (I know they are all somewhat corrupt, but give me a break, this past one was in a league all by itself -- even Nixon was a saint in comparison -- could do this much damage in so short a period. The difference was that in the past, when wrong was found out, it was held accountable. In this case, the country not only did not hold it accountable, but condoned the behavior because they did not want to be accountable for their own deteriorating condition. You may get your bounce, but rest assured, your fate has been sealed. I remain, SOROS