Date: Fri, 30 Apr 1999 11:14:50 -0700
From: Dave Hayman <dhayman-AT-igc.org>
Subject: Re: The Crash Cometh...


Here's an article from a source I trust, altho carp won't, since Henwood
named his newsletter "Left..." It's eight months old, but still
interesting:

http://www.panix.com/~dhenwood/CrisisUpdate.html

danceswithcarp wrote:
> 
> Man, I just don't get the american stock market.  Yesterday America
> On-line stock dropped $10 to 143 bucks per share.  Why?  In response to
> the news that AOL revenue and "membership" had soared to record heights
> and that the PROFITS for the first 1/4 of 1999 was ELEVEN CENTS PER SHARE.
> 
> Wow.  That's a profit rate of FORTY-FOUR CENTS per year which is almost
> triple the rate of last year at this time, which was a quarterly rate of
> FOUR CENTS PER SHARE.
> 
> Huh?   A stock that pays 44 cents a year is wirth $143?  Did I miss
> something in basic economics?
> 
> And then I read that Amazon.Com stock is wirth in toto more than General
> Motors, and that Amazon.Com has never posted a profit?  Shoot, I'm not
> sure they own anything more than a warehouse.
> 
> How can this be?   What am I missing?  This doesn't even sound like a
> house of cards.  It sounds more like a house of tissue paper.
> 
> Surely it will rain.
> 
> carp