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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (22663)	8/15/2002 2:21:13 AM
From: EL KABONG!!!	Read Replies (1) \| Respond to of 74559

Hi Maurice, USA relentlessly rolling on like an unstoppable juggernaut. Where is it bad? From my perspective, the USA is anything but an unstoppable juggernaut. I personally know many unemployed people. I'm not talking people with weird experience in some field that no one ever heard of either. I'm talking about college educated people; people who have stayed current in their work skills; people who have lost their jobs through no fault of their own, other than to be unfortunate enough to work for the wrong company at the wrong time where executives think highly of thinning the ranks of lower level employees all the while giving themselves fat raises for "successfully" managing the company under stressful economic conditions. Sorry, but from my perspective the US economy is built like a house of cards that sooner or later will come tumbling down. The eventual undoing (solely in my opinion) will be a combination of massive defaults on debt and unemployment/underemployment. Debt default will be by both individuals and corporations (initially most likely to be telephony firms and airlines). I wouldn't be a buyer of corporate bonds anytime soon... I think that the economy will undergo yet another round of big number layoffs, spread across many industries and many countries. A lot of bullish talking heads are saying that we are currently at or near a bottom in both the economy and the stock markets. I don't think so, not by a longshot. I don't think that we've seen anything yet. The worst is not behind us, but is yet to come. And I think that any economic illnesses in the USA will undoubtedly spread like wildfire to the rest of the world's economies. All in my opinion, though. I have been wrong before, but only rarely... <rant mode off; g> KJC