Replies to post #956 on Excel's Coffee Shop (ECS)

[trkyhntr]

As an investor of well over 30 years, I feel compelled to reply to your post iOwn. While it is possible that the middle eastern oil sheiks pulled all of their money out of our stock market, what really caused the drop in stock prices (we call things like this 'bear markets') was the fact that there was a huge bubble in tech/internet and tellecom stocks that carried many other issues along, and it just had to burst. What precipitated the bursting of the bubble was the Federal Reserve's increasing of interest rates and the tightening of the money supply, thus drying up one source of easy money that allowed the bubble to expand. As stock prices dropped, the other source of easy money dried up as well, that being the issuance of more stock in basically worthless companies that didn't have a clue how to make money.

It is easy to blame some entity or another for our problems, but the correct answer to the question as to why this happened is found in the philosophy of the immortal Pogo. "We have met the enemy, and he is us." JMHO
trkyhntr

[iOwnSomeNVEI]

Remember my post about the Sucking sound?
Take a look at yesterday's news article. I bet there is alot more then Saddam's sons trucking off American $$$$ Truck Loads!!!


After the Gulf war, the Middle East Pumped up our maket to 12,000 from 3,000 back in 1990. Months before Sept 11th the Middle East pulled their money out of our maket and raised the oil prices, then tried to distroy Wall Stret on Sept 11th,All for revenge for the Gulf War and being on their Holy Land.
That's what I think.
I posted this June 2001 on Raging Bull. I thought some thing was wrong then.

By: IownsomeNVEI $$$
02 Jun 2001, 04:21 PM EDT Msg. 54942 of 85959

WHAT IS THAT LOUD, HORRIBLE SUCKING SOUND?
Im not that hot with writing but I just wanted to share this idea that popped in to my head.
As you know we've had a hot market for a few years and then it just tanked.
Iv been in the market since the Dow was 3300 and at that time a run to 4000 I thought was amazing. A few years down the road here comes 12,000, well close.
I was wondering where all this money was coming from. Would it be hard for a few foreign countries to Inflate our market and then pull out causing what we are dealing with now?
There are companies going bankrupt, all the people I know that are in the market say their stocks dropped and they sold and lost money. Do you know anyone or a company that's in the green? Where did the money go?
Did they invest in our markets, pulled out and ran with the money back to their countries?
That and in conjunction with high oil prices to ruin the US economy?

This is just an idea that I had.
What do you guys think? Could it happen?
Your comments are welcome,Im sure Ill learn something :)
Thank you
God Bless America!

AL


NEW YORK (May 5) - A son of Saddam Hussein and a close adviser carried off nearly $1 billion in cash from Iraq's central bank hours before the U.S.-led war on the country began, the New York Times reported on its Web site late on Monday.

The amount of cash was so large -- $900 million in American bills and $100 million worth of euros -- that three tractor trailers were needed to carry it, the newspaper reported, citing an Iraqi official.

The alleged removal was said to have been ordered by Saddam himself. Qusay, the deposed leader's second son, and one of the president's personal assistants, Abid al-Hamid Mahmood, carried a letter from Saddam authorizing the removal of the money, the newspaper reported.

"When you get an order from Saddam Hussein, you do not discuss it," an unnamed Iraqi official who held a senior position in a bank told The Times. The unnamed official was told about the removal of the cash by the people who turned it over to Qusay and the adviser, the newspaper reported.

The New York Times said Iraqi officials were uncertain what effect the disappearance of the cash, which amounted to about one quarter of the central bank's hard currency reserves, would have on the Iraqi economy.

American officials and Iraqis interviewed by The Times said they did not know where the money went, but some Americans said they suspect it was transported to Syria, the newspaper reported. The money was reportedly stolen at 4 a.m. on March 18.

Col. Ted Seel, a U.S. army special forces officer, said he was aware of the seizure of cash, the newspaper reported. He said there was intelligence information at the time that suggested a group of tractor trailers were crossing into Syria from Iraq.

The Times however quoted a U.S. Treasury Department official, George Mullinax, as saying that it was possible a large chunk of the money had been recovered.

He said about $650 million in U.S. $100 bills found by an American sergeant in one of Saddam's palaces might be from the central bank, although that had not been determined for certain.

Saddam and his two sons have not been seen in public since the war began. The ousted Iraqi leader made a number of television appearances during the war, but it was not possible to verify when they were recorded.

05/06/03 00:11 ET

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