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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Peter Singleton who wrote (42608)	1/8/1999 9:13:00 AM
From: Bonnie Bear	Respond to of 132070

curious...I was 25 in 1982...I grew up on satellite TV, NBC, telephone, presidential resignation (Nixon and Watergate), computers (yes they had them when I was in high school) and Darpanet (yes they had internet then, thank you). No intelligent person owned stocks or bonds, they owned real estate and a small business. I had classmates in college who worked their way through college washing dishes because their parents lost their tuition in the stock and bond market. It's amazing that a whole society can lose any memory of the past in a single generation. The big change is the astonishing growth of the derivatives market...the american public now equates the S&P with the value of the dollar and the rate of inflation..they see that the fed props up the market and assumes that it can't go down. Most people I know stick all their money in the S&P, buy real estate or buy gold coin and don't keep cash in a money-market because it devalues instantly against the S&P. So the real question here is whether the guy on the street has correctly turned toward the S&P as the dollar-equivalent hedge against an "inflation" the feds insist does not exist.