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To: craig crawford who wrote (128879)	7/23/2001 6:41:10 PM
From: schrodingers_cat	Read Replies (1) \| Respond to of 164684

>there weren't excesses in the nineties to the same extent we have today. In the early 90s unemployment was higher and there was still a hangover from the savings and loan mess. The end of the cold war was producing downsizing in the defense industry. The US government's budget deficit was a major concern. rate cuts only work if you can convince people to take on more debt and spend like crazy. The US consumer seems to be doing just that. stocks aren't acting well... The Dow is basing and the Nasdaq is doing better than it has any right to, given the fundamentals for tech.

To: craig crawford who wrote (128879)	7/23/2001 6:44:30 PM
From: Joseph Beltran	Read Replies (1) \| Respond to of 164684

craig, There is still a lot of product out there -especially in chips- but I must say that any dated product will probably have to be written off as obsolete pretty soon. Design changes in chips are routine. Just about any modification or improvement in the end product requires a re-design of the the chip. That is one factor which must be taken into consideration. The same reasoning applies to an extent wrt swithches for fiber optic products. New products will cause a good portion of inventory to become obsolete. Lozer biz models are indeed a problem. I think the market has taken care of that. Have you seen any successful IPO's lately? Any dot.coms offering a secondary? The public has been burned. The brokers and analysts are now being sued. That part of the froth is over for the time being.