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As most everyone is aware, Ed Yardeni has been one of the
most outspoken forecasters when it comes to the risks posed
by Y2K,...etc. Often quoted in the media,..it is very interesting
that in today's Wall Street Journal,...the following article
"quietly" notes a change in Yardeni's perspective. I view this
as significant. I could not find the article online,...so typed it out.
Any thoughts appreciated. Jim Pilliod jpilleafe@xxxxxxx
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>From Wall Street Journal,...Tues. Nov 30, 1999 page C17
YARDENI TURNS UPBEAT ABOUT EFFECTS OF Y2K
Edward Yardeni, chief US economist of Deutsche Bank, says
he is more optimistic about the economic consequences of any
year-2000 computer-programming glitches. Mr Yardeni had
said the Y2K bug would cause a "severe" US recession in 2000.
In an e-mail message to clients yesterday, Mr. Yardeni said he
is "feeling more optimistic and bullish about the future beyond
the year-2000 problem" and expressed tentative support for the
theory the Dow Jones Industrial Average could climb to
36000 in five years. He made no mention of a possible recession.
"No, I'm not on Prozac -- yet," Mr. Yardeni wrote. "But, as I
said, I am getting into the holiday spirit." He said he has "been
spending too much time this year worrying about what could go
wrong. Instead, everything has gone right." He couldn't be
reached for elaboration.
Mr. Yardeni has often been ranked among the country's best
economic forecasters, having accurately predicted the bull run
in US stock prices in the 1990s. He turned bearish in 1997,
becoming one of the first economists to draw attention to the
danger posed by Y2K.
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