| 12/31/2002 - The Buck Stops |
| By Andrew Kashdan "The news from Europe seems to become bleaker by the day...but the euro's run-up is a reminder that there's more to the value of currency than economic growth..." |
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| 12/30/2002 - Deflation Vigilanties |
| By James Grant "With goods prices falling and the rate of rise in services prices abating, overall inflation rates are the lowest in decades. Government yields are the lowest since the Kennedy administration..." |
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| 12/28/2002 - The Case for Gold, Reprise |
| By Addison Wiggin "Unfortunately, any period in history of government-backed, or 'fiat' currency, has led to disastrous bouts with inflation. In the 70s the dollar "took a swan dive" losing 70% of its value against some currencies..." |
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| 12/27/2002 - The Catalyst! |
| By Marc Faber "Whereas it would appear that housing inflation in the U.K. and the U.S. is nearing an end, commodity prices appear to have completed a multi-year base and are poised for further gains..." |
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| 12/26/2002 - The Dollar...Er, Again... |
| By Bill Bonner "The dollar should have gone down in 2000 and it should have gone down again in 2001. Will it now, finally, actually go down?" |
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| 12/25/2002 - The Ghost of Christmas Future |
| "Part Three of The Daily Reckoning Christmas Trilogy. Merry Christmas...and God bless Us, Every One!" |
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| 12/24/2002 - The Ghost of Christmas Present |
| By Bill Bonner "Part Two of the Daily Reckoning Christmas Trilogy, first broadcast on December 24, 2000..." |
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| 12/23/2002 - The Ghost of Christmas Past |
| By Bill Bonner "Part One of The Daily Reckoning Christmas Trilogy, 2002..." |
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| 12/20/2002 - The Cost of War and the Price of Gold |
| By John Myers "The renewed emphasis on America as the world's policeman, especially with regard to the developments in Iraq, means an accelerated push for even bigger government..." |
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| 12/19/2002 - The Post-War Period |
| By Raymond DeVoe, Jr. "Manias are nothing new and have occurred regularly..." |
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| 12/18/2002 - The Rape of Nanking |
| By Bill Bonner "...beginning in December 1937...only 65 years ago...the world was reminded of what evil was all about. Butchery. Barbarity. Bestiality. It is hard to describe what happened in words that do it justice..." |
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| 12/17/2002 - Thoughts on the Forever War |
| By Doug Casey "I hope I'm totally wrong on this, but I've got a feeling what's brewing is the biggest thing since at least World War II..." |
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| 12/16/2002 - Cheating Nature |
| By Bill Bonner "Alan Greenspan, now the world's most powerful and celebrated central banker, tries to shore up the economy with easy-money policies. The first 10 rate cuts have done little apparent good..." |
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| 12/14/2002 - And Devaluation Too |
| By Addison Wiggin "On the way down, the Regent tried everything including cranking up the printing presses even more...and making the physical holding of gold illegal to all French citizens..." |
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| 12/13/2002 - Animal Spirits and Other Amusing Fictions |
| By Andrew Kashdan "If anything is worthy of the title "voodoo economics," it is the lingering use of Keynes's concept of "animal spirits." Keynes's famous phrase is often used by those who misinterpret the causes of a downtur..." |
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| 12/12/2002 - The Green Fields of Asia |
| By Marc Faber "In the same way that a visitor to Asia today who had last visited the region prior to the Second World War would be stunned by its progress..." |
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| 12/11/2002 - Espousal of the Fattest |
| By Sean Corrigan "In a free market, the most rarefied form of democracy exists: we all get precisely one vote for each and every dollar we have at our disposal..." |
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| 12/10/2002 - Inflationists At the Helm |
| By Paul Kasriel "As a nation of net debtors, we want inflation. And this Fed aims to please its domestic constituency. If global investors need to “park” funds, it would appear that there are now better currencies in the world to do it in..." |
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| 12/09/2002 - Pearl Harbor |
| By Bill Bonner "In 1941, Axis military power had been in a bull market for nearly a decade. People don’t think clearly in a bull market, and their imaginations are dull..." |
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| 12/06/2002 - Anatomy of a Modern Ponzi Scheme |
| By Mark Nestmann "More than 80 years after Charles Ponzi first devised his investing scam, little has changed..." |
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| 12/05/2002 - The Wall Street Veil of Secrecy |
| By C. Alexander Green "There is a major conflict of interest between a large brokerage's retail clients and their investment banking clients. Wall Street’s biggest firms are endlessly wooing the latter..." |
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| 12/04/2002 - Pompous Claims V. Poor Reality |
| By Kurt Richebächer "Pompous claims of the superiority of the U.S. economy throughout the 90s contrast grotesquely with the miserable economic reality. Haven't we seen this picture before? Why, of course, we have: the Reagan years..." |
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| 12/03/2002 - What the Fed Believes |
| By John Mauldin "In looking at Fed Governor Ben Bernanke's recent speech, it seems clear to me that Bernanke detailed an academic list of potential policies the Fed could pursue if outright deflation became a reality..." |
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| 12/02/2002 - The Fabulous Destiny of Alan Greenspan |
| By Bill Bonner "Greenspan was right on target in '96. It was later, after he became a demi-god, the "Maestro," that the Fed chief erred..." |
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| 11/29/2002 - Capitalizing On Bear Market Rallies |
| By James Boric "The fastest way to grow your money - during and after a bear market - is still to own small-cap stocks. It doesn’t take much for a $2 stock to hit $4." |
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| 11/28/2002 - Thanksgiving, ANNO 1999 |
| By Bill Bonner "In a country where roots meant almost nothing, where people were ready to pick up and move at the drop of a hat, where there were huge differences in what people thought and how they lived, Thanksgiving served..." |
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| 11/27/2002 - The Law of Accelerating Returns |
| By James Davidson "Between 1926 and 1969, large-cap stocks significantly underperformed smaller companies that most people have never heard of. But over the last 15 years, from 1987 to 2002, small-cap returns have been about..." |
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| 11/26/2002 - The Debt Generation |
| By Porter Stansberry "Over the last 20 years a generation of Americans - the baby boomers - leveraged their personal balance sheets to a degree without precedent in the history of economics." |
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| 11/25/2002 - Inefficient Market |
| By Edward Chancellor "Some people argue that credit derivatives have produced a better distribution of risk throughout the financial system, thus increasing the growth potential of the global economy..." |
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| 11/22/2002 - An Incomplete Recession |
| By Raymond Devoe "In my opinion, the "postwar period" ended on March 10, 2000 ("The Crazy Day") when the Nasdaq Composite hit its all-time high of 5048..." |
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| 11/21/2002 - The 20-Times Strategy |
| By Daniel Denning "...the United States now spends more on defense than the next 20 nations combined, and the Bush administration has said in print that its aim is total military superiority..." |
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| 11/20/2002 - Metal V. Flesh |
| By Daniel Dennning "The year 1846, when America was trying on the clothes of a national power for the first time, and the year 2002 have a lot in common..." |
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| 11/19/2002 - A Real-Life Real Estate Bubble |
| By Dr. Steve Sjuggerud "'Getting rich is easy,' everyone came to think during the 1920s housing boom in Florida. Then, as quickly as it began, the bubble burst. And it was painful..." |
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| 11/18/2002 - Act III |
| By Bill Bonner "The U.S. economy seems to us to be following a script written in Japanese. With only an occasional improvisation, and a broad allowance for cultural differences, the essential dialog in America 1995-2001 has been very much..." |
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| 11/16/2002 - Deflationary People |
| By Addison Wiggin "...what if the Boomers have already become 'deflationary people'? What if the largest group of Americans cease in their desire for the goods and services they have built up a reputation for desiring?" |
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| 11/15/2002 - The Fed Is Culpable, Part II |
| By Hans Sennholz "An administration walking in the footsteps of Presidents Hoover and Roosevelt..." |
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| 11/14/2002 - The Fed is Culpable |
| By Hans F. Sennholz "Economic bubbles have plagued the American economy ever since the First United States Bank opened its doors in Philadelphia in 1791..." |
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| 11/13/2002 - Bubble Aftermath |
| By Kurt Richebächer "For the first time in the whole postwar period, the U.S. economy has slumped against a backdrop of the most aggressive rate cuts by the Federal Reserve and the most rampant money and credit growth ever..." |
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| 11/12/2002 - The Inflation Trade |
| By Andrew Kashdan "Long slow-motion deflation...or Fed-goosed inflation? They appear to be the only questions worth debating when it comes to the U.S. economy..." |
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| 11/11/2002 - Amistice Day |
| By Bill Bonner "Over the four years of the first World War, one by one, the people back at home got the news...the telegrams...the letters. The church bells rang. The black cloth came out..." |
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| 11/08/2002 - The Curse of Lawrence of Arabia |
| By Jack Wheeler "Iraq is not a real country - like, say, Persia (Iran) which has existed for 2,500 years. It is an artificial construct and can only be held together by force...It takes a Saddam to hold the place together." |
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| 11/07/2002 - Political Shakedown, R.I.P. |
| By Dan Denning "As Europe plays catch-up to the American economy, the US struggles to maintain its top-dog status. How's the contest coming?" |
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| 11/06/2002 - Buyer, Beware! |
| By Eric J. Fry "By now, we've all become well versed in the demise of companies like Enron and WorldCom..." |
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| 11/05/2002 - A Buyer's Market |
| By Karim Rahemtullah "According to the mainstream media, the venture capital market has all but dried up..." |
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| 11/04/2002 - Waiting for the Other Shoe To Drop |
| By J. Christoph Amberger "Are you better off than you were two years ago?' Al Gore recently asked an audience of Democrats, who mouthed a collective "no" in response..." |
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| 11/02/2002 - A Self-Fulfilling Prophecy? |
| By Addison Wiggin "...like a frat boy who's downed one too many beers, it appears the American consumer said 'no more' in October...and headed off to a different part of the house to find a toilet..." |
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| 11/01/2002 - Clear Cutting Ahead |
| By Sean Corrigan "The Fed has doled out too many logging permits in this forest of an economy...and instead of recognizing the error of its ways, continues to spread its 'generosity'..." |
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| 10/31/2002 - In Bed With the Right People |
| By C. Alexander Green "Several months ago, I picked up a copy of "In Bed With the Right People" by Frederick M. Weissman, M.D." |
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| 10/30/2002 - Borrowing Chaos |
| By Fred Sheehan "Expansion of credit isn't the same as expansion of money. A bank might loan the village idiot $10,000, but the bank doesn't reserve $10,000 to back the loan..." |
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| 10/29/2002 - Asset Impairment |
| By Porter Stansberry "Over the last 100 years, the U.S. dollar has lost perhaps as much as 90% of its purchasing power through the government-led debasement of the currency..." |
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| 10/28/2002 - They Had It In Their Guts |
| By Kurt Richebächer "Blind faith is overwhelming bad and worsening facts, confirming our long-held suspicion that the American consensus does not understand the extraordinary excesses of Mr. Greenspan and the consumer..." |
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| 10/26/2002 - Creative Dyslexia |
| By Addison Wiggin "Uh, ho... stocks up three weeks in a row. What should you do? Well, here's one suggestion..." |
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| 10/25/2002 - Pension Plan Poison |
| By Eric J. Fry "Corporate pension plans that once enjoyed a plump surplus now find themselves woefully underfunded. Still, most companies continue to project robust investment returns for their pension plans..." |
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| 10/24/2002 - Imagine Your Daughter As A KE4 |
| By Dan Denning "Within the next 50 years, the Chinese economy will mature. And when it does, a great shift will take place..." |
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| 10/23/2002 - Let the Mafia Speak |
| By Lynn Carpenter "Culture — as opposed to official policy — springs from below, and nothing the officials at the top can say or do will ever change that phenomenon..." |
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| 10/22/2002 - How Long Before the Bust? |
| By Brian Durrant "The case of the “property boom is almost over” camp is largely anecdotal. The reality is that property prices in London rose by over 7% in the last three months, and by 19% over the last year..." |
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| 10/21/2002 - Life After Debt - Russia Resurgent |
| By Eric Kraus "Dutch tulips...U.S. Internet shares...and now Russian equities? Russian financial specialist Eric Kraus speculates on internal reforms and subsequent prospects for foreign investors from deep within the big Bear..." |
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| 10/19/2002 - La Bourse Ou La Vie? |
| By Addison Wiggin "...unlike the staff of the Daily Reckoning, these communists hope to use the "Krach" to call for world- wide reforms in the care and feeding of homeless people; stop globalization; save the planet..." |
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| 10/18/2002 - A World of Hurt |
| By John Mauldin "If the dollar is not dropping, it is because there are large inflows of dollars into the US. On a relative basis, the US markets are not that bad, and foreign investors are looking for safe havens..." |
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| 10/17/2002 - Panama |
| By Kathleen Peddicord "As a retiree in Panama, you're due 50% off in- country transportation; on buses, boats, and trains; 25% off in-country airfares..." |
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| 10/16/2002 - Vale of Tears |
| By Bill Bonner "Instead of coming up with innovative new ways to make people rich, America's financial intermediaries - notably Wall Street and Fannie Mae - came up with ways to make them poor..." |
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| 10/15/2002 - Some Fear, Little Loathing |
| By David Tice "Today's malaise was caused by too much capacity created during the easy-money '90s..." |
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| 10/14/2002 - Imperial Over-Stretch Marks (Cont.) |
| By Bill Bonner "In Mayol de Lupe's eyes, the Soviet Union was the Iraq of the hour... and Nazi Germany the world's super power..." |
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| 10/11/2002 - Imperial Over-Stretch Marks |
| By Bill Bonner "Politics is not our beat here at the Daily Reckoning. We readily admit that we know as little about it as we want to know - which is almost nothing..." |
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| 10/10/2002 - The Gambler's Fallacy |
| By Briton L. Ryle "With US$50 billion to US$70 billion a month getting yanked from mutual funds, how much more can the industry withstand before it has to start dumping stock to meet the redemptions?" |
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| 10/09/2002 - Cold Day in Hell |
| By Bill Bonner "Wouldn't that be just like Mother Nature? Just when we are all putting in swimming pools and sun decks - to send on an ice age?" |
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| 10/08/2002 - Deciphering the War Drums |
| By James Dale Davidson "It is so obvious that an invasion of Iraq has the potential to inflame the tinderbox of Islamic lunacy that it deflects the question..." |
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| 10/07/2002 - Dow 3600 |
| By Bill Bonner "A man who argues that he has God or History on his side should look around him. God and History will decide for themselves, and often end up on the other team..." |
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| 10/05/2002 - One Way To Get a Really Big Slowdown |
| By Addison Wiggin "Cracks are beginning to appear in the foundation of the bubble..." |
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| 10/04/2002 - Black and Blue |
| By Bill Bonner "During the first 3 decades following WWII the ratio of debt-to-GDP growth was fairly constant. For every extra dollar of GDP, debt went up by $1.40..." |
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| 10/03/2002 - The Current Account Guessing Game |
| By Andrew Kashdan "Post-bubble, all those foreign investors who generously financed the U.S. spending spree have little to show for it..." |
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| 10/02/2002 - Grayer Matters |
| By Bill Bonner "Savings require discipline, forbearance and sacrifice. They are the 'something' without which you don't get but 'nothing'. But the word was forgotten by the last generation of American economists..." |
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| 10/01/2002 - Better Value For The Money |
| By Bruce McWilliams "The truth is, all those toiling away in Wall Street and City boardrooms wish they could affect the market, but it is you and me, dear reader, with our investments, who drive the market higher..." |
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| 09/30/2002 - Gray Matters |
| By Bill Bonner "The problem with theory, outside of mathematics and the 'hard' sciences, is that nature is very much alive. She won't stand still..." |
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| 09/29/2002 - Natural Law and Crabby Kooks |
| By Addison Wiggin "The drop in mortgage rates, by the way, followed on the heels a Fed meeting where the chairman opted to leave the Fed funds rate unchanged." |
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| 09/27/2002 - Earth's Bright Side |
| By Bill Bonner "Once a land of boundless opportunity, it is rare to see Argentina described in the press today without a modifier such as 'hopeless' or 'basket case' attached..." |
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| 09/26/2002 - Old World, New World |
| By Eric Roseman "...the U.S. dollar and the Euro are like two drunks after a big night of partying. They walk in tandem, occasionally stumble, intoxicated by spending, sluggish growth and deteriorating trade balances..." |
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| 09/25/2002 - Day of Patrimony, II |
| By Bill Bonner "All across the country, the innocent and the connivers slouch toward comfort..." |
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| 09/24/2002 - Preparing for a Recovery |
| By James Boric "So why don’t more people invest in small cap stocks? The answer is simple. They are intimidated. And small caps can be risky. People are scared of things they don’t know or understand..." |
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| 09/23/2002 - Day of Patrimony |
| By Bill Bonner "Our complaint with the typical American home is the very thing others regard as its nicest feature: its comfort..." |
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| 09/21/2002 - The Secular Bear...Is A Big Bear |
| By Addison Wiggin "...that, my friend, is at least another 1400 down from here. Trouble is... if this bear was, in fact, following of the trajectory of 1973-1974 "debacle", the Dow should have reached the bottom after 23 months..." |
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| 09/20/2002 - Houses Without Moats |
| By Bill Bonner "As recently as a month ago, consumers thought they could borrow money without worrying about paying it back. Jobs would be no problem. The cash would keep flowing." |
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| 09/19/2002 - Greenspan's Bubble |
| By John Mauldin "If the Fed, short of destructive policy, can do nothing to stop a bull market, then why do so many analysts assume that the Fed has some power to forestall a bear market?" |
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| 09/18/2002 - Bad Times, Good Money |
| By Bill Bonner "Both the credit bubble and Mr. Greenspan's own bubble reached their zenith about a year ago, by our reckoning. Both now seem to be losing gas..." |
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| 09/17/2002 - Ominous Parallels |
| By Dr. Kurt Richebacher "Assessing the prospects of the American economy, the big split between consumer-related and investment-related activity is of greatest relevance..." |
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| 09/16/2002 - Career Criminal |
| By Bill Bonner "We've come to believe that Mr. Greenspan's fame and fortune seem to vary inversely with the price of gold..." |
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| 09/14/2002 - Contre La Guerre |
| By Addison Wiggin "...the wheels of politics are churning. My advice, take a walk with your family...tend the garden...read a book..." |
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| 09/13/2002 - Last Man Standing |
| By Bill Bonner "The last man standing - the only member of the 'committee to save the world' triumvirate still in office, the Caesar of central banking - cannot last much longer...when Greenspan's reputation gives way...we think..." |
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| 09/12/2002 - Buy, Sell, or Hold? |
| By Dr. Steve Sjuggerud "The interest rate movements that have historically had the most dramatic effects on the market have been changes in the interest rates set by the Federal Reserve — in particular, the Fed Funds rate..." |
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| 09/11/2002 - Insufferable Development |
| By Bill Bonner "...when people get together they need collective myths to give their pathetic lives an ersatz meaning..." |
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| 09/10/2002 - The Great "GDP" Hoax |
| By Sean Corrigan "For the best part of the century, Say's aphorism came to be taken as a truism..." |
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| 09/09/2002 - Uniting Europe |
| By Bill Bonner "Collectively, we have often observed in these letters, people lurch from one absurdity to another..." |
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| 09/06/2002 - Maximus Greenspan, Part II |
| By Bill Bonner "Greenspan, we have been told, spends an hour a day in his bath. Perhaps it was there that he realized he bore no responsibility for the biggest credit bubble the planet has ever seen..." |
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| 09/05/2002 - Bear Market Physiology |
| By Lynn Carpenter "There are a few things you should know about bear markets. According to conventional wisdom, bear markets tend to last half as long as the preceding bull market..." |
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| 09/04/2002 - Maximus Greenspan |
| By Bill Bonner "The Queen's honor's committee may be a very lagging indicator. Or perhaps the news has not yet reached them... that Greenspan's bubble may not have been such a good idea after all..." |
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| 09/03/2002 - Herbert Hoover, R.I.P. |
| By James Davidson "People in a fearful frame of mind become negative on their own prospects, and begin to behave and think like losers. The Bush administration needs to understand, as Franklin Roosevelt shrewdly did, that 'fear' is to be feared..." |
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| 09/02/2002 - The Tipping Point |
| By Bill Bonner "At some point, things will change. They always do. In the markets. In public attitudes. In art, architecture and P/E ratios. Confidence, optimism and self-esteem - at epic highs in America today - will someday..." |
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| 08/30/2002 - Bush's War |
| By William Rees-Mogg "If George Bush does decides to go to war in order to change the Iraqi regime, he cannot afford to lose the battle, either from the point of view of US authority, or of his own survival for a second term..." |
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| 08/29/2002 - A Bull Market in Hubris |
| By Addison Wiggin "But the fact is, even after two years...we here at the Daily Reckoning HQ are inclined to believe that we haven’t even begun to see the bearishness that is yet to come. All things get corrected, we're wont to say..." |
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| 08/28/2002 - The Fabulous Destiny of Alan Greenspan |
| By Bill Bonner "Mortals make mistakes. But Greenspan was right on target in '96. It was later, after he became a demi-god, the "Maestro," that the Fed chief erred..." |
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