On Mar 9, 4:26=A0pm, Anonymous <cri...@[EMAIL PROTECTED]
> wrote:
> That is when the U.S. Financial System is fed toast.
>
> Mark your calenders for this world class event!!
>
> By John Kenneth Galbraith
> At the beginning of Chapter VII, he recounts a series of unfortunate
event=
s
> in the history of the NYSE - the crashes of 1873 and 1907, and the day a
b=
omb
> exploded on Wall Street in 1920, killing thirty and injuring 100 more.
>
> He continues:
> A common feature of all these earlier troubles was that having happened,
t=
hey
> were over. The worst was reasonably recognizable as such.
> The singular feature of the great crash of 1929 was that the worst
continu=
ed
> to worsen. What looked one day like the end proved on the next day to
have=
> been only the beginning. Nothing could have been more ingeniously
designed=
to
> maximize the suffering, and also to insure that as few as possible
escaped=
> the common misfortune. The fortunate speculator who had funds to answer
th=
e
> first margin call presently got another and equally urgent one, and if
he =
met
> that, there would be still another. In the end, all the money he had was
> extracted from him and lost. The man with the smart money, who was
safely =
out
> of the market when the first crash came, naturally went back in to pick
up=
> bargains...The bargains then suffered a ruinous fall. Even the man who
wai=
ted
> out all of October and all of November, who saw the volume of trading
retu=
rn
> to normal and saw Wall Street become as placid as a produce market, and
wh=
o
> then bought common stocks, would see their value drop to a third or a
four=
th
> of the purchase price in the next twenty-four months. The Coolidge bull
> market was a remarkable phenomenon. The ruthlessness of its liquidation
wa=
s,
> in its own way, equally remarkable...
> Galbraith's account of 1929 is something to keep in mind over the coming
> weeks and months as the temptation to "buy the dip" increases. For the
las=
t
> 20 years, investors have been conditioned to understand, to believe and
> simply to know from experience that market dips, especially when
accompani=
ed
> by Federal Reserve rate cuts are buying op****tunities, always and
without
> exception. But as those ubiquitous mutual fund disclaimers say, "past
retu=
rns
> are no guarantee of future performance. .
superb advice... especially as this world wide 100 trillion dollar
derivitives mess takes out fiat money.
Phil scott
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