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

To: JRI who wrote (46528)	2/11/1999 11:31:00 AM
From: Knighty Tin	Read Replies (2) \| Respond to of 132070

John, Several points: 1. We were still a creditor nation in the 1920s. We are now the world's largest debtor nation. 2. We were still saving to increase productivity. Saving is now negative. 3. We had a trade surplus. We now have a huge and growing trade deficit. 4. Speculation was rampant in both periods. However, earnings were at least growing prior to the 1929 crash. They no longer are. The current speculation has no basis in fundamentals. 5. There used to be dividends. 6. Employees were paid salaries in the 1920s, not options. 7. More of our financial institutions are leveraged to stock and credit market up moves than in 1929. 8. There is no productivity growth now. There was then. Now, the only prop for the economy is ever more manic credit creation. 9. A much greater percentage of people have their net worth exposed to speculative securities. For more, much more, read any of Mike Magner's posts. MB