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Pastimes : A Jackass, his PAL(indrome), and GOLD -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (343)	1/22/2003 11:16:48 PM
From: SOROS	Read Replies (2) \| Respond to of 1210

What's going on? Have you ever witnessed such evidence that the media is owned by Wallstreet and so is Greenspasm and so is the government? Media pushing stocks while totaling ignoring facts. Greenspasm pumping record worthless paper into the markets (especially to banks who are doing their best to keep hedge funds from collapsing), and the government ignoring the carnage of a war basically because it will be "good for the markets." You have to keep focused on the truth of what's happening. Lots of talk even amongst "gold bugs" (most of whom sold out) about technicals, etc. and how gold should correct. I can see the true events making for a huge breakout gap on gold if only a few players decide to stop puffing on the Wallstreet bong. Does anyone doubt that there is complete cooperation still between the analysts and the trading desks? I attended an "investment" conference recently, where a very well-known and respected firm was feeding the few participants a bunch of garbage about how they "buy companies" and the stocks will always turn and go back up. They were shocked that they had lost money the past two years, but assured us that this year would see the turn (the same crap they fed people the last two years about the 2nd half recovery). They ignore the facts and the truth. They focus on only stock prices like that is the end-all in the world. I asked why anyone would listen to them when they currently are holding a blue-chip portfolio that trades at 6.2 times book. Only answer was that they were sticking to their philosophy of buying companies and waiting to get rich on them, ala Buffet style. All these houses listen to their "economists" like they really understand what has and is happening in the world. You cannot understand if you only focus on the stock world and ignore the real world. Peso, dollar, Latin countries, Iraq, Russia, N. Korea, bubble fallout, crooked accounting, goverment with no morals for last 10 years, an inept Fed, overvaluation -- all ignored. This is going to get real nasty. I remain, SOROS