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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (65704)	7/2/2004 12:12:59 PM
From: Lizzie Tudor	Read Replies (3) \| Respond to of 77400

the point I have always made is that there is more to an economy and stock prices than - profits from cost cutting - revenues achieved thanks in some part to government spending I don't know where you live, but where I am, people who used to have professional salaries are taking jobs at grocery stores and restaurants. This represents a 50% decline in discretionary income and here we are in a consumer based economy. Is this economy self sustaining? Imo, no. During this period of the Bush presidency, we had one period that was critical imho. That was post 9-11, in March-May of 2002. At this point, the economy was trying to recover. A few companies I knew of had started to hire after laying off in mid 2000. This is in technology. At this point all the people who were looking for work thought they'd get their good jobs back and that the stock market correction was just a correction like any other. But then, the war started and in the summer of 02 offshoring of IT really took hold. That was the end, and we never recovered. I know the white house puts out statistics that say we are a booming economy but we aren't and the stock market knows it. A lot of the countertrend rally in 03 was as a result of the bogus 7 and 8% GDP figures the government was putting out. As soon as people realized these predictors weren't working that was the end of that rally. As far as I know, this is the first time govt figures about GDP have been this far off.