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To: GST who wrote (121607)	3/25/2001 3:15:12 PM
From: HomeBoy Security	Read Replies (1) \| Respond to of 164684

>But if you do not have paying customers, you have a problem. The implosion of the new economy is in part a function of an insufficient customer base. Nope, Not at all. I think initial investors got it RIGHT. THEY were RIGHT ON. I think the implosion was caused by the FLOOD OF GARBAGE (PAPER) FROM WALLSTREET. that shouldn't take away from the VALIDITY of the GOOD STUFF. (I think all these macro arguments are irrelevant - at this point.)

To: GST who wrote (121607)	3/25/2001 3:26:55 PM
From: Sarmad Y. Hermiz	Read Replies (2) \| Respond to of 164684

>> The implosion of the new economy is in part a function of an insufficient customer base. << I really have to wonder about this GST. As an example, lets take the group of idiot stocks like IVIL or EFAX, or any other stock that caused its speculators a few hundred million. Now basically, this money went from the wallets of gullible working people to wallets of smarter hucksters. Nothing useful was done at these companies place of business. All that happened was that many well-educated people got paid high salaries to sit around and do nothing (useful). It is the same as though the government sent welfare checks to unwed mothers. It was just a voluntary charitable contribution from one set of idiots to another. Similarly with Iridium. It was just a welfare program for scientists. Same as Reagan's star wars. Which is being re-proposed by Reagan Jr. I mean Bush Jr. The real question is do these welfare programs divert resources away from a better use ? I will try to persuade you that the people who bought IVIL or EFAX or any number of stocks mentioned by William, would prefer to lose their money that way instead of give them as a handout to welfare mothers. So it is very possible that we'll have a recession now, because there is a glut of everything. The dot com bubble just delayed the start of this recession by inventing some artificial demand for servers and PC's and office space. The choice for the Fed is whether to let the recession happen now and last until genuine demand re-appears. Or whether to stave it off for another year by printing money and hand it out to banks to throw around. I think they'll try to do a little of each.