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To: gregor who wrote (4328)	10/25/1997 3:04:00 PM
From: hpeace	Respond to of 8002

the grandmas and granpas who didn't pull their money out of market in 1929 are billionaires now <ggg> I pulled out some of my portfolio perfectly before my stks crashed in 1987 and 1990 and 1994... It turn out that if I wuold have just left it in I would have been better off

To: gregor who wrote (4328)	10/25/1997 4:39:00 PM
From: Mike M2	Read Replies (2) \| Respond to of 8002

Gregor, yes I think the risk is deflation the risk of inflation comes from the central banks attempts to stave off deflation through monetary inflation. Productivty in the US is low -under 1% it has been steadily declining for years. The bull propaganda is that productivity is higher but we can't measure it. I don't buy it. During the 20's producivity grew at a 6% rate. The deficit is low because of the huge windfall from the stock mkt bubble-capital gains tax receipts. The has been little reduction in spending . The huge $5 trillion dollar debt is still there and the unfunded future liablities at least twice that. Profits have been enhanced by low interest rates ,share buybacks, stock options and other accounting gimmicks-NOT productivty. Mike