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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (74948)	4/14/2001 6:10:31 PM
From: Les H	Read Replies (1) \| Respond to of 99985

All over by the second half? vny.com

To: Les H who wrote (74948)	4/14/2001 7:31:03 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 99985

Less, the bottom of the article is the most important part and worth thinking about. The FED has no choice now but inflate some. Dollar will slide IMHO and exports will grow some. stls.frb.org Hence the productivity "miracle" of the late 1990s was indeed a myth. Labor productivity rose, but only because the booming stock market brought oceans of capital to bear on any sector that could remotely be described as "high-tech." The corollaries of this fact are ominous indeed. The stock market, being far above its historical norms, is hopelessly overvalued. Capital investment, having been excessive for so long, is due for a prolonged slump. The influx of immigration in the last 10 years, which has fueled the boom, will result in massive unemployment now that the boom is over. And the process of returning the stock market, capital investment and labor usage to historical norms will produce a recession that will be either exceptionally long, or exceptionally deep, or both. Haim