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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: michael97123 who wrote (65029)	7/24/2002 11:31:20 AM
From: Sam Citron	Read Replies (1) \| Respond to of 70976

The seventies were hardly a depression, Mike. The economy actually grew in spite of the turmoil. Disconnects between the market and the economy are quite common. It is more politically palatable to fight depressions than it is to prick bubbles. (See Abelson's column in latest Barrons for data indicating that AG recognized we were in a bubble as early as 1996 and knew that raising margin levels would pop it, but chose not to act.) 16 years is the average duration of both secular bull and bear markets during the last century. Sam