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Huh? Then where are all the blacksmiths? The stagecoach companies?
The Pony Express only lasted 18 months, before technology put it out of
business.
Joseph Schumpeter called the concept 'creative destruction'. It is how
capitalism works.
Regards
DanG
"M. Simms" wrote:
>
> Earl - EXACTLY......I just read where IT Consulting SERVICES firms business
> is DOWN 85% from only a year ago.......poentially translating into at least
> a 50% unemployement rate for IT consultants.
>
> I mean, when have we had in this country business statistics like that ?
> I mean someone asks: "How's business ?"
> and you respond: "Oh, we're doing about one-seventh the business we did last
> year"
>
> This has never happened in this growing US economy...ever.
>
> > -----Original Message-----
> > From: Earl Adamy [mailto:eadamy@xxxxxxxxxx]
> > Sent: Saturday, September 21, 2002 8:59 AM
> > To: realtraders@xxxxxxxxxxxxxxx
> > Subject: Re: [RT] 10 year note near 40 year highs ?
> >
> >
> > I neglected to make one other important point relevant to the original
> > comparison to Japan. Japan is, in many ways in similar shape to
> > where the US
> > was in the late 20's with a large manufacturing base and trade surplus. To
> > my knowledge, no country in the past several hundred years has entered a
> > market/economic decline with an economy based on services!
> > Services tend to
> > be far more discretionary than basic manufacturing and I believe that the
> > potential exists for a much larger economic hit than the US
> > incurred during
> > the Great Depression.
> >
> > Earl
> >
> > ----- Original Message -----
> > From: "Earl Adamy" <eadamy@xxxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Friday, September 20, 2002 4:20 PM
> > Subject: Re: [RT] 10 year note near 40 year highs ?
> >
> >
> > > During the Great Depression, unemployment was 25%+- ... the flip side is
> > > that 75%+- were employed. I do think that several critical distinctions
> > are
> > > missed in comparisons:
> > >
> > > 1) When the markets peaked in 1929, the US was a net creditor
> > nation with
> > > very large reserves. When the market peaked in 2000, the US was a net
> > debtor
> > > nation with a huge and growing trade deficit.
> > >
> > > 2) Even more important, when the markets peaked in the 1929,
> > the US had a
> > > large and vibrant manufacturing base which dominated the
> > national economy.
> > > When the markets peaked in 2000, the US economy was service based with
> > most
> > > of the manufacturing moved off-shore.
> > >
> > > Earl
> > >
> > > ----- Original Message -----
> > > From: "bondo92677" <bruce.larson@xxxxxxxxxxxxx>
> > > To: <realtraders@xxxxxxxxxxxxxxx>
> > > Sent: Friday, September 20, 2002 3:06 PM
> > > Subject: Re: [RT] 10 year note near 40 year highs ?
> > >
> > >
> > > > What you're saying about Japan is correct. Tokyo is hustlin' and
> > > > bustlin'. But I've read that even during the Great Depression,
> > > > things were relatively OK in the major cities here.
> > > >
> > > >
> > > > --- In realtraders@xxxx, "Joe Duffy" <joeduffy@xxxx> wrote:
> > > > > Additionally many here seem to think Japan has been in this decade
> > > > long
> > > > > depression. The reality as I hear it is life goes on quite well
> > > > there, at
> > > > > least from talking to people who work there --- and that goes for
> > > > the
> > > > > nationals not just the ex-pats in the banking industry I know.
> > > > >
> > > > >
> > > > > ----- Original Message -----
> > > > > From: "Daniel Goncharoff" <thegonch@xxxx>
> > > > > To: <realtraders@xxxx>
> > > > > Sent: Friday, September 20, 2002 12:35 PM
> > > > > Subject: Re: [RT] 10 year note near 40 year highs ?
> > > > >
> > > > >
> > > > > > Your use of the word 'panic' followed in another message by
> > > > extensive
> > > > > > use of caps leads me to believe you have an opinion. If there is
> > > > > > anything I have learned from lurking on this list over the years,
> > > > it is
> > > > > > to not have a strong opinion, because it makes it emotionally
> > > > difficult
> > > > > > to trade.
> > > > > >
> > > > > > You also seem to place a lot of meaning on the shape of the yield
> > > > curve,
> > > > > > and seem to think that the US economy is heading into a situation
> > > > like
> > > > > > Japan. The deep decline in Japan's market can be attributed to a
> > > > real
> > > > > > estate bubble that greatly exaggerated the valuation of 'blue
> > > > chip'
> > > > > > companies in that market. It has taken a decade and more to wash
> > > > that
> > > > > > overvaluation out of that market, and there is still a state of
> > > > denial
> > > > > > in the banking sector there. The US is not in a situation
> > > > anything like
> > > > > > what happened in Japan. While there may still be too much
> > > > optimism in
> > > > > > stocks prices in the US today, I don't see any historical
> > > > similarity
> > > > > > except the overall level of interest rates. The size of the
> > > > bubble in
> > > > > > both real estate and the stock market was much greater than
> > > > anything
> > > > > > present so far in the US economy.
> > > > > >
> > > > > > Regards
> > > > > > DanG
> > > > > >
> > > > > > "M. Simms" wrote:
> > > > > > >
> > > > > > > NO WAY !!! IF SO, HELLO JA-PAN !!! HELLO "DEAD FLAT YIELD
> > > > CURVE".....
> > > > > > > JAPAN ECONOMY DEJA VUE....
> > > > > > > and the experts are saying "IT CAN'T HAPPEN, IT CAN'T
> > > > HAPPEN" !!!
> > > > > > >
> > > > > > > Does this spell the death of capitalism ?
> > > > > > >
> > > > > > > > -----Original Message-----
> > > > > > > > From: profitok [mailto:profitok@x...]
> > > > > > > > Sent: Thursday, September 19, 2002 10:31 PM
> > > > > > > > To: realtraders@xxxx
> > > > > > > > Cc: gannsghost@xxxx
> > > > > > > > Subject: Re: [RT] 10 year note near 40 year highs ?
> > > > > > > >
> > > > > > > >
> > > > > > > > we STILL have much more to go on the upside,,
> > > > > > > > June 2003 contract to reach 119 by 3 2003
> > > > > > > > Ben
> > > > > > > > ----- Original Message -----
> > > > > > > > From: "M. Simms" <prosys@xxxx>
> > > > > > > > To: "RealtradersList" <realtraders@xxxx>
> > > > > > > > Sent: Thursday, September 19, 2002 10:09 PM
> > > > > > > > Subject: [RT] 10 year note near 40 year highs ?
> > > > > > > >
> > > > > > > >
> > > > > > > > > Is that correct ?
> > > > > > > > > In that case we could start approaching that Japan-like
> > > > yield
> > > > > > > > curve where
> > > > > > > > > everything flattens out between a rate of zero and 2
> > > > percent.
> > > > > > > > >
> > > > > > > > > Beware of a Fed INTRADAY rate cut in case of a market
> > > > panic !
> > > > > > > > >
> > > > > > > > >
> > > > > > > > >
> > > > > > > > >
> > > > > > > > >
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