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Pastimes : Home on the range where the buffalo roam -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (9220)	9/29/2002 10:30:12 PM
From: pbull	Read Replies (2) \| Respond to of 13815

Jimbo, what about oil? A spike here to $40+ a barrel would kill the economy. Period. It really would be like '73-'74, when stocks went down to about fair value and money managers moved money into the market (like Magellan is doing), and then they really got killed. The price of gasoline where I live rose to $1.36 today from $1.33 yesterday and up from about $1.22 a month ago. I just got back from the bookstore. The financial rags all have stories about these smart people who are buying stocks NOW (as if this is the mother of all buying opportunities, with the Dow at 8,000, up 300% from 10 years ago). My belief that the powers-that-be want to take this market to the woodshed is unshaken. Pension funds, etc., aren't going to make any money on their old-economy investments from these levels. They need the market, as a whole, to trade at about 10x earnings _ toward the lower end of the historical channel. And it's a long way down from here. The sooner we get there, the better, IMO. PB