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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (72114)	10/16/2006 12:21:46 AM
From: CalculatedRisk	Read Replies (1) \| Respond to of 110194

Fleck: Manic market ignores the bad news articles.moneycentral.msn.com As I viewed the landscape last week, it struck me that what we're seeing is one of the crazier moments in modern financial history. Obviously, the late 1999/early 2000 blowoff to the mania was, by definition, complete madness, as essentially worthless businesses commanded bigger valuations than worthwhile businesses do today. Questionable businesses were also far more expensive than their counterparts now -- i.e., the price of ideas and concepts, etc., was far higher. However, we basically didn't have many problems then, other than those created by the mania itself, which would surface only after it unwound. Indeed, the euphoria that greets nearly every piece of news lately, good or bad, would lead one to believe that all our problems have been adequately discounted, and the upside of a bright future is all that's left to deal with. <MORE>