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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (248423)	7/3/2003 7:12:52 PM
From: orkrious	Read Replies (2) \| Respond to of 436258

can you give us the Reader's Digest, super-condensed version?< sure. he starts out with this perfect gem: The second half is finally here...For the last several weeks all we've heard - over and over again - that the US gov't will save the economy. The government men/women are going to cut taxes, spend more money, manipulate the bond market and make saving so unattractive that consumers will have to spend. Five percent GDP, here we come! Yup, the government is here and they are here to help us. After all, there's a long history of governments helping their peoples. Look at all the help from the Japanese government over the last decade: zero percent interest rates, massive government deficit spending, huge construction projects whether needed or not, creation of money from thin air through the purchase of bonds, and unrelenting support for the currency... Rather than spend the first several pages talking about specific company problems, he describes how greenie's easy money has created excess capacity. he outlines exactly where the excess capacity is and how no amount of additional money is going to get companies to increase cap ex. In fact, companies will continue to shutter capacity and lay off employees, continuing the cycle. He gives example after example of how industries are going to be devastated as the cycle plays out. Only then does he go into the pathetic state of the tech industry and the ridiculous overvaluations. It is one of Hickey's best. You should sell one of your 1/2 oz Krugs and subscribe <g>