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March 31, 2003
A Sampling of Advisory Opinion
"The Illusion of Prosperity"
The credit bubble created by an over-accommodating Federal Reserve leaves a
horrible hangover and massive imbalances yet to work their way out of the
system. Citing productivity gains is nothing but propaganda to divert the
public from the policy blunders of the past and present economic winter. The
productivity mantra is being used to give the illusion of prosperity to an
investing public that needs hope to soldier on. Only time, bankruptcy,
merger, corporate restructuring, and industry consolidation will cure the
disease of "bubble induced over-investment".