Sorry Charlie,
I really doubt that the 'milenium scare' was the source of your profit. Sure there was the fear that everyone would wake up on January 1, 2000 to find the power was off because the computers couldn't handle the change from "99" to "00". However the real source of the free spending was the Fed which was pumping money into the economy with unrealistically low interest rates and running the presses overtime printing money just in case there was a 'run on the banks'.

That easy credit policy was what caused the 'tech bubble' that burst in 2001. In an effort to prop up the economy the cheap capital policy was continued and the 'housing bubble' expanded. Then banks and credit rating agencies jumped on the band wagon because they could give a loan for a house to anyone with a low interest rate and then insure the mortgage with a credit default swap and sell a package of those loans to unsuspecting investors overseas. Look where that got us!

Now do you really want to repeat that process?

"The Stone Age did not end for lack of stone, and the Oil Age will end long before the world runs out of oil"

-- Sheikh Zaki Yamani



Edited 1 time(s). Last edit at 10/26/2009 09:54AM by AWSX.