Maybe Gary North was right afterall......greenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
I was searching through some old archives and ran across this gem from Gary North. He was wrong on a couple of points, the Dow and Nasdaq are worse than he predicted. This week, the Dow lost over 800 points, people are despondent over losing their life savings. Has it occurred to any of you that the tax cut Bush is proposing will be made up by the "would-have-soon-to-be" retirees? People will be working 5-10 years longer now because they lost their 401-K retirement. Some will never recoup their losses, and some will never make it to see social security.
Gary North's Y2K Links and Forums
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Category: Stock_Market Date: 2000-01-04 09:47:09 Subject: Dow Falls on Monday, Slide Continues. Nasdaq Is Falling Comment: One day does not a trend make, but the old rule seems to be verified again: "Buy on the rumor. Sell on the news."
The news last week was that y2k would pose no major problems. The Dow and Nasdaq rose. The Nasdaq rose yesterday, but has reversed today. The Dow fell yesterday and is falling today.
If foreigners think their markets are safe from computer failures, they have an incentive to sell off U.S. assets and buy foreign stocks. The boom is far advanced in the U.S. The Asian and European markets seem poised for recovery (this has yet to be proven), or at least not at the end of a boom that has turned into an Internet mania ("bubble.com," Infomagic calls it).
[End of the day: the Dow was down over 3%, under 11,000. The Nasdaq was down over 5.5%, a hair above 3,900.]
Gary, it's worse than you ever thought it would or could be.
-- CAkidd (CAkidd_94520@yahoo.com), March 17, 2001
-- CAkidd (CAkidd_94520@yahoo.com), March 17, 2001.
-- Linker (firstname.lastname@example.org), March 17, 2001.