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To: MythMan who wrote (137745)12/8/2001 9:50:36 AM
From: Mike M2  Read Replies (1) | Respond to of 436258
 
MM, perhaps I am obsessive compulsive -g- . No way is the worst over the bigger the boom the bigger the bust. Booms cause over investment and malinvestment ( semis, fiber, telecommunication etc.) and excess debt. The decline in S&P earnings over the past year has been the worst in history. The quality of earnings ( IMO) is the worst in history. Slowly, there is a growing recognition that the profit and productivity miracle was a mirage. I'll elaborate on this later. We will experience the worst recession since the Great Depression - you cannot borrow your way to prosperity especially when so much of the debt is not for productive uses. mike



To: MythMan who wrote (137745)12/8/2001 10:53:32 AM
From: Joan Osland Graffius  Respond to of 436258
 
MM, >>did you ever consider the worst might be over?

Do you think this is a new era in the pricing of assets and that we can inflate ourselves out of this mess? The debt of our government, corporations and individuals must be serviced or disposed of in some way. Defaults do not go into think air .. someone pays. ENE is a good example of who pays. <g>

Joan


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