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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: sea_urchin who wrote (14916)	7/22/2002 9:50:27 PM
From: Alan Whirlwind	Read Replies (1) \| Respond to of 82388

"Yes, but he was being hammered to say something bad about gold. The way CNBC is continually against gold is really quite amusing." Yes, he did seem to be distancing himself from whatever he supposedly said positively about gold. Peer pressure on CNBC? "Another thing I heard which I found amusing was, because a 20% fall in the Dow represents an impact of only about 0.3% on the economy, the amount of money which people lose in the market has a negligible effect on US business. So, presumably, if the Dow falls to zero, it will hardly be noticed. Yep, I think some people are very, very worried ---- and I don't blame them." Didn't catch that but it is silly logic. Really we all know that perception of wealth and stability are important factors in spending patterns. "I also note that you, like many of the 'experts' on CNBC, are already fantasizing about making big bucks on the way up. IMO, by the time the market hits the bottom, whenever and wherever that is, you, like very many others, could very well have lost complete interest in the market. I remember hearing stories about people who lost so much money in the market collapse of the 1930s that they would never buy another stock ever again in their lives. In fact, the stock market was so stigmatized that it was almost a generation before people, generally, became intrepid enough to 'put their toes in the water'. Even today, as I am sure you know, there are many people who are so prejudiced against the market that they will not touch a single stock or mutual fund unit. And, who can blame them?!" You sound like you are predicting the great depression. If it happens, it happens. For the sake of my friends and family I hope that is not what is in the offing. Your points are well taken. One CNBC guest today even mentioned his fund is running out of dry powder trying to bottom pick the bear. I am personally not in any situation where I can make any money in the stock market should it turn, but I do hope others can. It wasn't so long ago when you were considering the likelihood of the market correction being over by October. What changes your mind?