Date: Fri, 30 Apr 1999 15:14:32 -0400
From: Chuck Munson <chuck-AT-tao.ca>
Subject: Re: The Crash Cometh...


The market has entered the Ponzi scheme phase, which means a crash isn't
far off.

Be prepared.

Dave Hayman wrote:
> 
> 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