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This is a good observation. I think we've seen the start of the
bloodletting with Schwab. But the advent of the Internet has brought new
economies of scale and thus fewer staff to let go. With less fat to trim,
the bloodletting may be more muted than in the early 70's when corporate
productivity was very low.
The curmudgeon in me says "serves them young sharpies right". Maybe now
they'll get a taste of what a real bear market is like.
I can hardly wait until the mob is dragging "The Motely Fools" into the
streets.... :-)
-- John
On Wed, 21 Mar 2001, Earl Adamy wrote:
> Some musing overnight brought back more recollections of the 1972 bear
> market. Aside from the deflating of the technology bubble (it was computers
> and software), and the felling of the Nifty Fifty, the most memorable event
> was the blood letting in Wall Street ... brokers, managers, back office
> staff being fired by the tens of thousands. I would not look for anything
> other than a trading bottom until the blood letting is well advanced in Wall
> Street and in every other metropolis the mutual fund giants call home.
>
> Earl
>
> ----- Original Message -----
> From: "Earl Adamy" <eadamy@xxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Tuesday, March 20, 2001 2:19 PM
> Subject: Re: [RT] Tail wagging the dog?
>
>
> > We're making progress ... first it was greed season for years, more
> > recently, fear and hope season ... fear yesterday, hope this morning, fear
> > this afternoon. The masses don't know what to think until the pundits fill
> > their minds with some emotion they can get their arms around. Wait until
> > tonight, the evening news will be full of how not even a 50bp cut could
> save
> > the market (if Clinton taught us anything, it's that it's the spin which
> > counts). Fear should really begin to permeate the public psyche. The bear
> > will be finished when there is no hope, only fear.
> >
> > Earl
>
>
>
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>
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