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To: UnBelievable who wrote (57132)	10/20/2002 5:19:06 PM
From: GraceZ	Read Replies (1) \| Respond to of 209892

By definition competition reduces profitability. If there is a "conspiracy" its one of them all following the same damn market signals and indicators and all moving to the same side of the boat simultaneously. Meanwhile even very large players get eliminated and new ones arise with the constant movement of money from one pile to another. I follow the aggregate RP's outstanding very closely and in almost every case significant increases in RP's outstanding has occured simultaneous with the inception of a rally, not subsequent to. When you have two events occurring simultaneous how do you assign a causal effect to one and not the other? I didn't say that they were unrelated I said you couldn't assign a causal effect and you can't discern which comes first. To the extent that the rally was real this would not be the case. What are you calling "real"? Perhaps the decline was artificial. Is the natural state of the market to be in decline and all rallies fabricated? What is real is the money flow into the markets in the last year has been unprecedented in the history of the market. What is also unprecedented is the degree to which that money flow contributed to the decline in prices. In order to understand how that can happen you have to give up these naive notions that there is some sort of cartel controlling the markets. No one is in charge, no one is in control.