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For history buffs:
http://www.dollardaze.org/blog/?post_id=00255
On Fri, 22 Feb 2008 11:58:19 -0800
Code 2 <Code2@xxxxxxx> wrote:
> The First Bank of the United States (1700s?) and the
>Second Bank of
> the United States (1817) were established by Congress to
>provide a
> sound currency and, I think, manage the banking system.
> Both crashed
> and burned. The Federal Reserve system was not a new or
>innovative
> concept.
>
>
>
>From: Charles Meyer <chaze@xxxxxxxx>
> To: realtraders@xxxxxxxxxxxxxxx
> Date: Friday, February 22, 2008, 10:53:01 AM
> Subject: [RT] Download Free Elliott Wave Theorist
>(normally priced at $29)
>
> Of course there was no Federal Reserve System too until
> 1913....
>
>
>
> On Fri, 22 Feb 2008 10:52:51 -0800
> Code 2 <Code2@xxxxxxx> wrote:
>> You're correct that there were no mutual funds in the
>>1920s, but there
>> were "investment trusts" that functioned and were
>>marketed in a
>> similar way. Many used leverage. The investment trusts
>>were
>> absolutely decimated by the early 1930s and individual
>>investors
>> shunned fund-like investments until, I believe, the
>>1960s.
>>
>> Certainly the level of globalization wasn't there in the
>>1910s and
>> 1920s. However, I think globalization can bite
>>investors in the butt,
>> because the markets are so interconnected that
>>disruptions move
>> throughout markets as we saw in January. Inter-market
>>diversification
>> is not as effective as it used to be. Before the Panic
>>of 1819,
>> economic crises and depressions were largely regional
>>(such as Ohio
>> bank failures or depressions in New England). I think
>>1819-1821 was
>> the first depression with a nationwide scope. The Great
>>Depression
>> crossed international borders in a big way for the first
>>time and
>> affected not only the U.S., but its trade partners like
>>Canada and
>> Britain. Today, the intertwining of markets means the
>>impact from a
>> serious disruption (and I'm not suggesting there will be
>>one) would be
>> very pervasive.
>>
>>
>>
>>From: BobsKC <bobskc@xxxxxxxxxxxx>
>> To: realtraders@xxxxxxxxxxxxxxx
>> Date: Friday, February 22, 2008, 7:35:38 AM
>> Subject: [RT] Download Free Elliott Wave Theorist
>>(normally priced at $29)
>>
>> Just Prector .. He's been predicting doom all through
>>out the bull
>> market we've been in including through nearly all of the
>>tech bubble
>> which would have wiped out most people following his
>>advice. He now
>> admits to under-estimating the length of wave C but only
>>after no one
>> had any money left who had been believers. His view is
>>that even
>> though the market makeup changes, people do not change
>>but even that
>> is flawed because when he looks at the conditions in
>>1929, the people
>> in that market had an entirely different geographical
>>and financial
>> makeup than today. There was no one world market.. no
>>world economy,
>> no ADR's. Stocks were being purchased for .10 on the
>>dollar. I
>> wasn't alive then but I don't believe there were mutual
>>funds. So,the
>> players are vastly different, the game is different and
>>the rules are
>> different but he doggedly sticks to his theme that it's
>>all the same
>> and history will repeat itself. A view that has been
>>extremely costly
>> to his followers.
>>
>> Bob
>>
>>
>>
>> At 12:39 AM 2/22/2008, you wrote:
>> Does this mean you're not a Prector fan or not an Elliot
>>Wave fan?
>>
>> Just curious if there is a distinction, and if so, why?
>>
>> Thanks
>
>
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