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To: Bill Harmond who wrote (122471)	4/2/2001 3:02:25 PM
From: GST	Read Replies (2) \| Respond to of 164684

"Get lost" I don't blame you for not wanting to define what you mean by a "bubble". Bubbles are not merely periods of over-valuation. Bubbles do not merely suggest a temporary setback. Bubbles involve such extreme departures from any meaningful sense of valuation based on reality that they can only end one way -- with a market collapse, a bursting of the bubble -- which is why they are called bubbles. After the bubble you have little left but broken dreams, dashed hopes, and, if you are lucky, enough resources to start over again. Most people put it behind them eventually -- although I have no doubt that the emotional and psychological pain it causes leaves lasting scars. We are going through a bursting of a bubble the likes of which has rarely if ever been seen before -- a truly secular bubble. I feel sorry for people who were led into this mess by people like you -- people who twist and turn and resort to anything to avoid facing the facts -- people who want to minimize what is going on by acting like bubbles happen all the time and it does not matter. Last May you asked "Was it all a mania that has "ended badly"?" Yes Bill, that is exactly what it was. By any definition.