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To: Lizzie Tudor who wrote (12916)	7/22/2002 2:06:04 PM
From: stockman_scott	Respond to of 57684

Bush's 'Business as Usual' Burns Broke Investors ... [Quite unusual for Cramer to be so blatantly political <vbg>...] By James J. Cramer thestreet.com 07/22/2002 11:26 AM EDT One thing that would help is President Bush and his acolytes is stopping the pretense that everything is just "fine." The endless trotting out of some positive economic figure -- and you can always find one -- coupled with the belief that there are only a few rotten apples just won't wash anymore. The people just aren't that dumb. The people feel sure the president sold stock when he shouldn't have at Harken Energy (HEC:NYSE - news - commentary - research - analysis). They are sure that Halliburton (HAL:NYSE - news - commentary - research - analysis) changed its accounting policies to make its earnings better. They are sure that the Secretary of the Army helped rig California's energy markets in favor of Enron. And they understand that Harvey Pitt may be the wrong man for the job of running the Securities and Exchange Commission, that someone with a more prosecutorial bent would be better. Most of all, they know they are losing money and that the top executives aren't -- and they are angry about it. Unless we see some indictments soon for the miscreants, and some coughing up of ill-gotten gains, they will continue to lose faith and sell this market. That should be obvious by now to all but the most cockeyed optimists who insist only that we look at how companies are still beating phonied-up estimates. The ridiculous irony of the CEO president who, out of loyalty, acts as if everything is business as usual, coupled with the smarter-than-ever public that knows far better, is just a deadly combination, one that erodes confidence, not buttresses it. Until the president recognizes the irony and acts, we can expect to see more selling ahead into any rallies as people have lost hope that the government understands the true plight of our nation's savings.

To: Lizzie Tudor who wrote (12916)	7/22/2002 2:14:10 PM
From: Bill Harmond	Respond to of 57684

They are lovin Documentum.

To: Lizzie Tudor who wrote (12916)	7/22/2002 2:49:17 PM
From: Wizard	Read Replies (6) \| Respond to of 57684

>>Are there any examples of a bear market like this that doesn't preclude a recession, anybody know? In 1987 there was no recession but it was not a 3-year bear. 1962. In '87, there was a bond market crash first. 1962 looks a lot like this one. Interest rates were low and GDP was growing roughly 4% over the following 4 quarters. The charts off the peaks (1962 and today's) look very similar. In 1962, the S&P500 dropped about -30% off of its recent peak and then rallied and was materially higher 6 and 12 months later.