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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (17241)	9/2/1998 7:30:00 PM
From: Ray Hughes	Read Replies (1) \| Respond to of 117012

Bobby: Share repurchases are smart and timely. However, I said to wife last night that many announcements intended to prop up market remind me of the many announcements in 1929 by big manipulators, brokerages and government officials that were intended to prop up market. Sounds strangely familiar. Point is that the market did rally, go to new highs, and then ---crash! RE: your prior message - yes to all the questions. Importantly, Asia has been reined in. Globally, banking system has transferred huge amount of wealth from depositors to a) generals in So. America, b) crooked pols everywhere, c) big time promoters the world over. So. America is big enough to pull banking system down. However, this is really a very old story. Same deal 12-15 years ago. Outrageously large non-performing debt in Africa and So. America was going to pull down the banking system. OK, so the S&Ls bombed - no crisis. Biggest bull market in history began shortly thereafter. Remember, to a large degree its a zero sum game - some lose but some win. Just that it concentrates the wealth in the hands of fewer people which causes loss of confidence on the part of the many, buying of Ferraris by the few. Concentration of wealth will depress global economy and call forth a new round of demands for Keynsian remedies, e.g. soak the rich tax policies, like here in Canada. Then, with banking system excesses squeezed out, new growth, on better footing begins, until pols and banks figure out how to screw it up again. Oops, conservative soapbox showing again RH