[PEN-L:4742] What's the story?

[D Shniad <shniad@xxxxxx>]

In response to my comments about the dangers of spillover from the
Sumitomo crisis to the financial markets generally, Doug (and Jim?)
commented to the effect that companies' financial positions had
significantly improved over the past couple of years, especially
compared to where they were at in the early 1980s.

>From that point of view, there is less likelihood of a crisis spreading
from a particular company's financial problems and becoming
generalized.

On The Other Hand, what about the argument that in general,
price/earnings ratios are currently much more out of line than they were
in 1929?  (Can't remember where I read this recently.)

Comments?

Sid Shniad