To: Berney who wrote (10452 ) 9/24/2001 12:57:58 AM From: MonsieurGonzo Respond to of 11051 TB> "laughing at folks saying we are going to crash... ...Ugh We Did ! " Heheheheh... yeah, I know what you mean, Dude. Last time we were in an hysteric market, um ~ '98, T/A was no good and the problem was liquidity , rather than earnings, iirc. The system (uh, 'orderly market') felt "broken" then but, a big dose o' liquidity, couple o' big hedge fund bailouts ~ restored confidence, got things back on track. This time around we are literally impacted with liquidity ~ everybody's hoarding cash, no one wants to buy anything, retail all the way to capital equipment. I've never seen Americans so fearful - people are dumping assets out here: houses, cars, clothing, etc. There's "For Sale" signs all over San Francisco now ~ and believe me, Dude ~ that is an unusual sight in The City. You know we wire-transferred what, ~$60B USD over to the ECB to swap for / prop up and stabilize euros:dollars. otoh, if it's this cold over here, American demand for EuroLand's products must be absolutely frozen! This is damn important because, the Continent doesn't really have a "domestic/consumer" economy as we think of it... ...only for staples, really; they are entirely dependent upon their export trade. iow, I don't think ~$60B is gonna be enough, the Euro's gotta collapse way on down there (3~4 DEM:USD ?) before stuff like Audis or Armanis look "properly priced" to Yanks unwilling to spend (?) I dunno, just musing ~~~~ man, at this cocktail party last night, one of the most disturbing things was listening to the small-medium businessmen talking about, "customers have just stopped coming in ~ I've never seen anything like this ". And then a few minutes later, "I've gotta lay people off, an' it's tearin' me up inside..." "...do it quick," says another, "so they can get another job, maybe something secure, with the government or something ~ before Christmas..." "...by Christmas, it'll be a f_____ mess out there" :-/ -Steve