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To: XBrit who wrote (77832)	3/9/2001 12:14:31 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

yep..all these facts are completely ignored by mainstream economists. which is why their forecasts will once again turn out to be completely wrong. it will take a long time for a recovery to take hold. in fact, we already have incontrovertible proof that 'this time it's different' as the Fed rate cuts have failed to have a lasting effect on risky financial assets: not only has the stock market not responded to them for the first time since 1930, but credit spreads have also seen only temporary relief. the dollar efficiency of mutual fund inflows is now negative. all this suggests that the paper pyramid has simply become too large: no amount of money seems able to further support it. this is exactly what has happened in Japan. and we're only at the beginning stages of the bust.

To: XBrit who wrote (77832)	3/9/2001 12:44:53 PM
From: Andrew G.	Respond to of 436258

Julius: Excellent post. Everybody should read that quote from The Economist. I think that demonstrates an essential attribute of human nature irrespective of global economic conditions or cultural differences. It has much more weight and substance in terms of where we are than comparing market statistics and charts of prior recessionary periods. It gives insight to how things may unfold from here.