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

To: Alan Whirlwind who wrote (14918)	7/22/2002 10:42:31 PM
From: sea_urchin	Respond to of 82412

Al >It wasn't so long ago when you were considering the likelihood of the market correction being over by October. What changes your mind? The realization, like everyone else, I guess, that the figures (earnings etc) on which the market rested, were all fictitious. That all of us (investors) were the victims of a fraud on the scale of which no-one could have believed possible. Now that the truth is exposed and we can see that the true earnings are a fraction of what was to be expected by the extrapolation of the 1999, 2000 and 2001 figures, the market will have to go down a long way to represent reasonable value for those earnings. At present, it is nowhere near there. That's why the market gloom is so intense. >You sound like you are predicting the great depression. I can't say that. But I do see that there is a great deal wrong, structurally, and that it will take more than all the king's horses and all the king's men ......I listen, besides to CNN and CNBC from the US, to the BBC from the UK and commentators there say they want to see Pitts out, Treasury Secretary O'Neill out and many CEOs in jail before there will be any improvement. As we know, for those things to happen is most unlikely. As I have frequently said, I am not clairvoyant. In fact, I am a poor short-term operator, being wrong so frequently. So, it is more than possible that my assessment of the market is wrong and that it could turn up soon and go once again on its merry way, as if nothing had happened. All the same, I would be very surprised were that to occur.