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To: GST who wrote (143557)	7/3/2002 8:07:34 AM
From: H James Morris	Read Replies (1) \| Respond to of 164684

<< "Only if you were smart enough to make it just a one-way ride.">> Well, I guess that sums up the buy and hold mantra from the guy in east LA.;) I miss the bubble. I miss the days when Internet bulls claimed the "new economy" was different this time. I miss the day when telecoms were "unstoppable" tornados. I miss the days when every company I owned stock in was superbly managed. I miss the days when the Amzn bulls claimed that Wal-Mart will be destroyed. I miss the days when every stock I owned had "unlimited" upside potential. I miss the days when I could buy B2B ipo's and was guaranteed by Goldman that I could make a fortune. I miss the days when we all were glued to CNBS anxiously waiting for the next internet analyst upgrade and new price target. I miss the days when I would get posts from bulls telling me I didn't know what long term investing was all about. Those were the days my friend I wished they'd never end. Have a nice trip to Singapore.:)

To: GST who wrote (143557)	7/3/2002 1:29:50 PM
From: H James Morris	Read Replies (1) \| Respond to of 164684

The Denver metro-area has seen the flip side of the housing bubble. Foreclosures could reach their highest level in 11 years. Foreclosures jumped by 53.7% in the first half over the same period last year. Billy's investment in denvers metro-area could be huge. Btw I wonder how silicon valley software guru "long lips" is doing?

To: GST who wrote (143557)	7/8/2002 1:11:40 PM
From: H James Morris	Read Replies (1) \| Respond to of 164684

Warren Buffett buys LVLT the stock surges over 50%. I joined the herd too. <<When Buffett Buys, A Bottom Must Be Near>> forbes.com

To: GST who wrote (143557)	7/9/2002 11:11:04 AM
From: H James Morris	Read Replies (1) \| Respond to of 164684

The burgeoning Japanese government debt will eventually collapse – one more consequence of persistent deflation. That's the view of John H. Makin, economist for the American Enterprise Institute in Washington, D.C. Fears about Japan's dilemma are pervasive: Japan's bout with deflation has caused 13 staff economists of the U.S. Federal Reserve to do a study warning that a central bank should go that extra mile to avoid chronically falling prices. Because of Japan's corrosive deflation, non-performing loans at banks and insurance companies are increasing more rapidly than the loans can be written off, says Makin. So the Bank of Japan prints more money, while the government issues more debt to pay its bills. Japan's government debt will implode in one of two ways, says Makin: First, if the central bank creates enough liquidity to bring reflation, interest rates will rise and price of government debt securities will plunge. Alternatively, if the deflation isn't reversed and the government continues to issue more debt, "the outstanding stock of debt will rise too rapidly to be absorbed by Japanese investors," says Makin. Japanese government debt is mainly held by its citizens. But since government debt is 140 percent of economic output, the consequences could be scary, says Makin. Liquidity-creation efforts by the central bank to stem a run on Japanese banks will effectively mean nationalization of Japan's banking system, Makin says. The 13 Fed economists warn that deflation is more debilitating to an economy and more difficult to manage than inflation. Forecasters, including those in the United States, "were horribly wrong in foreseeing Japan's deflationary trajectory," says Tom Schlesinger of Washington, D.C.'s Financial Markets Center. That's a major point of the Fed study, says Schlesinger. The Fed economists say that if Japan's central bank had dropped short-term interest rates an additional two percentage points between 1991 and 1995, deflation could have been avoided. By 1995, inflation had already fallen below zero. The fact that the Fed undertook this study, and that many of its officials have publicly stated that a little inflation is insurance against deflation, suggests that the Fed won't be raising U.S. short rates for some time.