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Your French perspective is interesting, esp considering its just over
a year after the Concorde crashed. Not exactly hi-tech but it was
advanced back in the early 70s, very pricey to ride and disturbs the
neighborhood. Never could understand why they allowed that
supersonic flying heap of bolts. You could make the same argument
about your hi-speed TGV trains as well as an accident waiting to
happen.
Q: How many Frenchmen does it take to defend Paris?
A: No one knows because its never been done before. ;>)
--- In realtraders@xxxx, "Jean Jacques Chenier" <JChenier@xxxx> wrote:
> The day after.
>
> While we mourn our friends, acquaintances and colleagues our duty
is to understand what will be the impact of yesterday's tragedy on
the financial markets. This major event could mark a shift away from
America's heavy reliance on technology and have tremendous
consequences on the way America function on the way.
>
> Firstly the failure of American intelligence is obvious. American
intelligence relies heavily on signals intelligence (SIGINT). Signals
intelligence includes any intelligence collected from intercepted
communications, such as microwave, landlines secret writing, or
electromagnetic emanations (e.g., foreign radar signals or telemetry
from an object of intelligence interest.) This strategy has clearly
shown its limits in fighting terrorism, which is likely to be the war
of the future.
>
> Secondly, the "Star War" pet project of president Bush has been
proved today to be a dream that would be unable to protect the
American population from terrorists attacks. Again high tech and huge
amount of taxpayers' money is of little help to fight determined
terrorist.
>
> Thirdly, we all go through metal detectors and X-Ray machines
before boarding aircrafts. Yet fanatics have been able to smuggle
weapons in order to highjack several airplanes.
>
> As for the World Trade center itself, it may look as another
failure of technology. It was planned to stand a 707 crash. The fact
that the World Trade Center has been targeted twice is no
coincidence. To gather so many people in the same place was an
accident waiting to happen. The fact that the technology did exist to
build it should not have been a reason good enough to do it. Again
there was a huge amount of money spent and a naive belief in
technology.
>
> Yesterday's tragedy may lead the American people to reassess its
belief in technology.
>
> A very possible consequence of yesterday's horror may be a
continuous slide on the technology laden Nasdaq index. All the stock
indices will suffer , as whole sectors of the economy will be hurt:
financial services of course (some of them head-quartered in the
World Trade Center, other had their back offices), airlines, hotels
etc. but the Nasdaq is likely to suffer the most. In last week's
newsletter (see our web site http://www.alterama.com) we were
forecasting a drop of the S&P500 to 930, an objective that we might
reach sooner than we thought. As for the Nasdaq 100, we reiterate the
objective of 1,100 that we stated several times in 2001.
>
> Jean Jacques Chenier
> Alternative Asset Management, Inc.
> Tel: 646 840 0385
> E-mail: JChenier@xxxx
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