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To: SOROS who wrote (5097)7/14/2003 4:53:55 PM
From: Jim Willie CB  Respond to of 5423
 
I believe we are close to same spot as in Dec 1999
incredible statement to make
but I believe it is true

stock share prices are way down
but earnings are also way down, from the Y2K explosion
the goofy "Fed Valuation Model" is confusing many people also
INCLUDING REAL ESTATE INVESTORS

post-war many people believe that "the Fed is on the case"
but as Noland points out, the monetization is going straight into the Asian exporters hands, in the form of trade surpluses

this is orders of magnitude too complicated for the great majority of investors out there, and too complex even for most brokerage house analysts

brokerage houses are being fooled by the technical rally, expecting that (as usual) the market is smarter than the economy, and the economy will come around on cue

NOT
/ jim