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Re: something approaching a religion



On Tue, 26 Nov 1996 13:38:37 -0800, Dale Wagner
<dwagner@mail.coos.or.us> wrote:

>The largest % of the basic producers-farmers, foresters, fishermen, and 
>miners- have lost their buying power.  For example, in 65, a top of the 
>line pickup cost 2000 bu. of wheat, 300 lambs, or 30 wk labor.  today
>it is 4000 bu. of wheat, 2 yr labor.
 
The decrease in the price of wheat and lambs is the obverse of the
ongoing and wonderful conquest of hunger.  A top of the line pickup
truck today last much longer, gets twice or more miles to the gallon,
pollutes much less, and kills far fewer people per million miles
driven than did the one made in 1965.
 
However there have been some genuine inequities in the period: between
1980 and the second quarter of this year there was a sharp change in
the annual  distribution of income. The poor and the middle class make
less, both in real terms and proportionally.  The ten percent make
more, and they make more more, thanks to policies of the nutso
right-wing Reagan and Bush Administrations.

>The DJ went from 800 in 80 to 6600 today.  The price-earnings ratio is 
>uncalcuable on many and the dividend earnings are basicly nonexistent. 
>This is because short-term earnings have over ridden long-term 
>intelligence.  How can we keep the geese laying if we eat all the eggs?
 
I take no position on prices freely arrived at.  If people want to buy
or sell any given stock at any given price, that's their business.
Regardless of what the Dow Jones _index_ is, I still think there are
stocks worth buying, and I am doing so.
 
It is of course notorious that the stock market reflects the feelings
of middle aged males, a spectacularly flighty and emotional bunch.
 
                                                       -dlj.



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