Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: NOW who wrote (21094)	6/26/2003 9:01:11 PM
From: stockman_scott	Respond to of 89467

Bill Fleckenstein on Wall $treet Week pbs.org <<...FLECKENSTEIN: OK. Well, listen, listen, listen. We've had 12 rate cuts since the top of the market. None of them have done much good. The tax cut this time is smaller than last time. The fact of the matter is, is we still have too much capacity. People are still being laid off. We've had a rally, and because we've had a rally, now people are taking a few statistics and saying it's the start of something big. I don't believe that's the case. In fact, after every rally we've had, people have gotten all excited, and it's been the wrong thing...>> <<...FLECKENSTEIN: Well, right. I think this is what's kept people from recognizing the fact that we had the biggest bubble in the history of the world, and the workout process from bubbles is usually about a decade. It hasn't been as severe as it might have been because of the fact that we've been able to collapse rates has allowed people to take their debt up against their house, which has appreciated in value because rates have come down. And they've been able to live beyond their means and borrow from the future in terms of spending. But we notice that 0 percent loans aren't really helping the auto market. And so I think all of it's been, all we've been doing is borrowing from the future a little bit, and I don't think it's particularly sound because of the debt that's been taken on against the rising housing prices. So I think it's all very dangerous...>>