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To: John Pitera who wrote (17857)	2/3/1999 2:40:00 PM
From: accountclosed	Read Replies (1) \| Respond to of 86076

Wayne is quite a seer..... I have respected Wayne for some years. I just have the fos button ready to hit on any bullish case statement. <g> (edit: there i go again. i forget they don't allow positive statements about wall street economists/market strategists on this thread ;-))

To: John Pitera who wrote (17857)	2/4/1999 4:44:00 AM
From: accountclosed	Respond to of 86076

Bursting the bubble... There is an absolutely dopey article written by Wayne Angel on the Wall Street Journal editorial page. Wayne is one of these guys who likes to say that there have been no bubbles in history. Instead, he believes that problems in the aftermath of what we see as bubbles occurred because the authorities mishandled the bust. He tries to make the claim that everything is really wonderful now, and those of us who see bubbles really are wrong about the damage bubbles can do. He adds that the damage done in the 1930s was bad monetary management by the Fed, and that Japan's problems in the '90s stem from bad monetary management. This is absolutely ridiculous. It's one of the most preposterous articles I've ever read, and history will show that he has absolutely no understanding. Busts come because of the bubbles that came before them. Monetary management can make it slightly better, and also can definitely make it worse. But the busts don't come simply because policy got screwed up - they come from the bubbles and the irresponsible asset inflation that precede them. He's another one of these guys who thinks that as long as the CPI shows no inflation, you can't have a problem. As history demonstrates, the only time you can have a true financial asset bubble is when you have no CPI inflation, because the authorities drop their guard and they print too much money. The result is the insane bubble that we have now and that we had in the '20s, and that Tokyo had in the '80s. Read the article if you want to have steam coming out your ears. stocksite.com