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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: Joseph G. who wrote (53394)	9/1/1998 2:23:00 AM
From: bucky89	Read Replies (2) \| Respond to of 61433

OT -- Most economists, contemporary AND modern, strongly disagree. US real GDP increased by 27% from 1924 to 1929, corporate profits doubled from 1924 to 1929, unemployment was 3.7% in 1929, inflation was 0%, US 1929 unit automobile production (how many cars) was not matched until 1956, US unit housing construction per year in the 1920's has been never matched again, even this year. That was the New Era of Prosperity. The Dow peak P/E was 19.4 in 1929, lowest dividend yield was 3.2%. My friend Joseph, Once again my point is that this era of prosperity was not equally distributed throughout the entire economy. Have you ever seen the old Life Magazines with all the sweatshops and like? That was how the common people lived. Yes, it was a great and prosperous time for some Americans--the richest 5-10%. Of course corporate profits went up--thanks to the sweat of the poor industrial worker. This is the era of monopolies, oligopolies, etc... No labor unions or labor movements to speak of. Big business had total control, supported by a conservative Republican administration. Do some research and what you find might surprise you. Henry Ford said in early 20's: if my workers can't afford to buy my cars, then who will buy them? Henry wanted manufacturing efficiencies to bring the cost of his cars down for the common worker. I understand he paid them much better than his contemporaries in the steel, mining, textile, and other commodity industries which were very big and powerful at the time, and employed far more workers. Back then, maybe 1-2% of the population (the richest 1-2%) held corporate securities. Today, maybe 70% of the population does. bucky89