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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (9930)	12/1/2002 9:35:21 PM
From: SOROS	Read Replies (1) \| Respond to of 89467

I love Nostradamus' last words: "Tomorrow, I shall no longer be here." His last prediction, spot on. Perhaps Greenspasm's will be one of these: "The market is rigged." "The jig is up." "Buy gold!" "Clinton made me do it." "Fed policy is a crock." "Government statistics come from a dart board." "A dollar don't buy what it used to." I remain, SOROS

To: Jim Willie CB who wrote (9930)	12/1/2002 10:38:32 PM
From: SOROS	Read Replies (1) \| Respond to of 89467

Many dot com companies figured out over the past 3 years, you can only borrow for so long to maintain your business. Now, consumers are about to get the same, hard lesson. Americans have been completely unwilling to lower their standard of living over the past 10 years, and they have borrowed continuously to maintain it. Now we are seeing incomes rise at much slower paces than personal spending. The attitude of "I deserve it" and the refusal to face reality continues. Bankruptcy is common place. Stock investors are buying stocks at very expensive prices with hopes of greatly increased earnings making them look at least not like Bubble stocks next year. When the consumer is tapped out and cannot borrow anymore to maintain their lifestyles, then the "hoped for greatly increased earnings" will turn into a fairy tale, and the bubble valuations will be seen for what they are and even worse. Then, as in Japan, it's on to new lows and unbelieving shock. I remain, SOROS