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To: GraceZ who wrote (274548)	1/20/2004 1:13:22 PM
From: Tommaso	Respond to of 436258

>>>Twenty years of interest rates falling has probably contributed to that ignorance.<<< Undoubtedly. The whole period 1972-1982 must look to many people like an anomaly brought on by the Vietnam War and not a consequence of bad economic policy. We are now set up for a worse replay of that decade. Actually I was wildly optimistic about the stock market for several years before it finally took off in 1982. I have found it more trying to wait out a mindless bull market than to persist in investing during a bear market. It is more trying to one's patience to see the temporary prosperity of fools than to be considered improvident for owning stocks when they are low. I think this time there will be an even greater loss of confidence in the currency and incredulous horror at seeing bonds go to half of par even as the currency erodes in value. A great deal of what had seemed to be wealth will just vanish.