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

To: Raymond Duray who wrote (23350)	9/16/2002 9:37:51 PM
From: TobagoJack	Read Replies (2) \| Respond to of 74559

Hi Ray, I just took the opportunity to buy more paper gold because nothing has changed except for the fact that Saddam is apparently more flexible than the last time with regard to lines in the sand, edges at the cliff, and other geographic and equation-of-time markers. In any and all cases, the War on Iraq will still happen. In the meantime, my San Francisco Bay Area main bread earner male friends (about 9 folks) are now all out of work, each used to earn north of USD 250k, and now nothing. All have Master degree education (enginnering and/or MBA) from the top schools. All except one were in financial industry and the one exception is a master salesmanof all things/services, including VC investments and telecom capacity. One of the 9 folks had purchased a fixer-upper in gentrified Mill Valley for USD 450k in 1994, and he has just sold same for USD 1.2 mm (asking USD 1.1, sold after on market for 3 days) and will move into rental in 2 weeks time. The rental is on 6 months contract at USD 4k per month. He figures he can negotiate a lower price at that time. The new purchaser of his house paid 25% down, requiring USD 76,000 (incl. USD 12k property tax) per annum of after-tax money for housing service, or about USD 100k of pre-tax money. The couple must bring in USD 200,000 to live in San Francisco Bay Area w/o building up any savings, and if one of the two loses the job, then must sell house. In the meantime, one apparently can buy a new Mitsubishi sedan for 0% financing and no payment for 12 months or one can drive a Volvo S60 sedan for USD 300 all inclusive. I think I sense the crescendo of orgasmic climax of the Age of Bubbles approaching, concluding Chapter One in the Script of Collapse. After the Collapse, I expect the domestic US electorates to cast a ballot for relief, costing paper money, cheapening same against something else, just like during the Collapse of Argentina. I expect the international electorates to do the rational moves and counter-moves, just like they did when Thailand collapsed. Afterwards, right before the start of the epilogue, it will be a time to nibble. Many more chapters to go yet, because massively overvalued QCOM has yet to submit to the inexorable power of financial gravity. Chugs, Jay