To: margaret tasset who wrote (21099 ) 10/5/1998 2:09:00 PM From: Sonny McWilliams Read Replies (1) | Respond to of 27012
Hello Margaret. Pl. take this message as an answer to your PM's. I just got my cpt back and I am way behind. In answer to your question how I was posting the cpl of messages without a cpt I can say: What are friends for? gg. I am not sure if I should consider myself lucky not to have had my cpt available for a while. I probably would have gone bananas reading all the articles about this lousy market. But I heard enough on CNBC and read the papers to make a judgment call here. I guess it would not have made a darn diff. one way or another. This whole thing is just plain insane. I guess you and everybody knows that the big start off for this latest debacle was that Hedge Fund fiasco. I am not quite sure why this should affect the market like this. FED did intervene and only heaven knows why. It seems to have the same effect as if they had not bailed those richies out. Weird stuff going on here. I can't believe that the FED Chairman said there was nothing you could do to prevent those Hedge Funds to operate in the fashion they did. Give me a break. Saying that all they would do is go off shore makes a mentally impaired person perk up. Let them go off shore and let's see how much they would thrive without American Banks lending them money that much money without finding out how they are investing it and finding out how much those Funds have borrowed from other Banks. I can't get a loan without stating how much I owe and to whom. That Hedge Fund was allowed to decline to answer those questions. Without our Banks contributing I would like to see how many foreign Banks would join in this event and if they did it would not be our taxpayers money. That's what those banks are lending out. Anyhow enough of this. There are other things here also but in the mean time the DOW has gone back tremendously from its high and the NAZ is down about 25% from its high. Some stocks, of course, have been hit by more than 50%. I was telling Yaacov the other day that no stock will be safe should we go into a bear market and he answered: "What do you mean if we go into a bear market? Don't scare me like this. " Well I did not mean that we are going to do that but boy oh boy, it sure looks like one now, even if it is short lived and it could be over any day now. Hope, hope, hope. Not much else we can do right now while everything is in a turmoil and everything looks like all our cos are dead. Well, they are not. The GOV sure is trying though. Now they are looking into Cisco, LU etc for stuff. GOV will not be happy until every last one of our good cos goes to the dogs. I guess they seem to think that you cannot become successful unless you do things wrong. Maybe they should go after some foreign cos instead for a while. Abby Cohen again stated this morning that the American stock market is undervalued. I have not sold any of my base cos. in this latest down turn. I only traded in a cpl of the internet stocks. Am still holding the same techs and Pharmas I was holding a cpl of weeks ago. I can't see selling out at this low level even if this level is not the low yet. But it is getting frightening. I guess most investors are feeling like this right now after getting their brokerage and Mutual Fund statements and maybe that could signal the end of this down turn. I think there are things countries can do but sending our taxpayers money into a black hole without guarantees would not be my first priority. Russia is saying that they will not go back to their old ways. Let's see it. Let us see Japan doing something about their situation. We are already having the burden of financing the world stability when it comes to the military. Let's not add corporate world financing to it. The President is saying he can feel our pain. I don't think he does. Cos. are in enough pain even without the help of the GOV. HWP is accused of giving illegal stuff to other countries. That is being investigated too now by the GOV. Surprise, surprise. Where was Clinton when it came to Loral and the Missile stuff? This is so long that I will make this my only post today. Not much else to say besides hoping that we all can hang in there. Techs are supposed to come out of their slump. Techs are not supposed to come out of their slump and Intel is supposed to have lost market share to AMD etc. Is that supposed to make a difference? Intel says they are doing fine. Who is right? Again, I am still hanging in there and wonder what everyone else has done. The thread has been deserted. I guess nobody has an opinion or a clue. gg. Maybe the market turns around later today or tomorrow. Maybe those intl. meetings in WASHINGTON will bear fruit. Hm. On second thought I think it is BOSTON. A Brazil package looks more likely every day. Maybe they will find a package for our stocks? gg. Sonny