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Absolutely right-on. More importantly: everyone thinks the accounting
scandals are a RECENT PHENOMENA....
nothing could be further from the truth....
this has been going on for YEARS...
ALL IT TOOK WAS A REALLY NASTY CHANGE IN THE ECONOMY TO UNCOVER THE
ACCOUNTING "ERRORS".
Had the economy continued onward and upward, it would have been "status
quo"....
none of this would have been surfaced.
The violent change in the economy over the past 24 months is
UNPRECEDENTED....
with many industries like technology still in complete CHAOS....making 1929
look like a CAKEWALK...
The accounting GIMMICKRY was an attempt to compensate for the business
downturn....
in the hopes it would be short-lived.
Since it wasn't, HERE WE ARE......
> -----Original Message-----
> From: Kent Rollins [mailto:kentr@xxxxxxxxxxxxxx]
> Sent: Sunday, July 28, 2002 4:33 PM
> To: realtraders@xxxxxxxxxxxxxxx
> Subject: [RT] August 14
>
>
> August 14 is the deadline when almost 1,000 CEO's will be required to sign
> their quarterly statements under penalty of perjury. I see more and more
> people on television whose opinions often seem sensible hailing
> August 14 as
> the date when the US equity markets will rocket to new highs
> because America
> will be a new country. The more I hear them glorify this date,
> the more it
> seems like a contrarian indicator to me.
>
> Nothing really new will occur on August 14. The ratio of good
> CEO's to bad
> will be the same. If anything, I suspect that there may be some surprises
> (on the downside) in the 3rd quarter earnings releases as some decide to
> begin erring on the side of caution.
>
> Trust will not automatically be re-established on August 14.
> Trust can only
> be re-established by one thing: time. It will take time for investors to
> see big business behaving positively and not standing before
> Congress taking
> the 5th before they will be willing to start putting money back into the
> markets like they were in the early- to mid-90's.
>
> I think August 14 will be a very disillusioning date for many.
>
> Kent
>
>
>
>
> To unsubscribe from this group, send an email to:
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>
>
>
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>
>
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