To: stockman_scott who wrote (3886 ) 8/5/2002 12:33:17 PM From: Jim Willie CB Read Replies (2) | Respond to excellent point by Kevin Phillips of LATimesMy guess is that we are halfway through a three-stage financial crisis. Over the course of the '80s and '90s, the finance, insurance and real-estate sector of the economy grew so notably that it moved ahead of the manufacturing sector in the gross domestic product numbers. We are being tossed by the wake of its over-ambition. Indeed, given the way finance and technology teamed to create the recent tech stock bubble, one can argue that boom-and-bust was a product of finance as much as of technology.
