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

To: Wharf Rat who wrote (31348)	11/11/2003 12:33:27 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 89467

politics ALWAYS prevails over historical learning / jw

To: Wharf Rat who wrote (31348)	11/11/2003 12:38:43 PM
From: Jim Willie CB	Respond to of 89467

had a conversation in my sports club with some guy yday he didnt seem really bright, but might have been typical he talked at the CNBC with "why sell now?" I shot back "because it is all generated by Fed pumping" he and I then engaged fortunately, we had clothes on, not arguing nekked I got a stiffy when angry, all that emotion I offered my usuals (trade gap, fed deficit, money pumping ala Weimar) he had never heard of Weimar, so I called it "pre-Hitler Germany" he said federal deficits were needed trade gap was no big deal, been there a long time money pumping was what we must have ALL PART OF THE CYCLE he claims tech profits are coming in hot & heavy e.g. Intel and Cisco I said the majors with giant mktshare, could be true but I followed up with "a Jobless Recovery is an insult to your intelligence, if you have any" so I asked what cycle he was referring to? he said "the business cycle" I inquired "ever heard of the 70-yr Supercycle?" he said no I said "1812 panic, 1870 railroad depression, 1930 Great Depression, and the 2000 tech/telecom/finance collapse" "I HOPE NOT" was heard my final "too much hype, emotion, desperation, and not enough study of history in this land which has the worst economists in modern history, and the most illiterate public in the industrialized world" I walked away, not wanting to waste my breath a hot tub was to be much more satisfying at that point / jim