[PEN-L:463] Re: Re: Who will tell Acompora?

[Doug Henwood <dhenwood@xxxxxxxxx>]

Tom Walker wrote:

>Who was the mass that the psychosis took hold of? It wasn't households. They
>dumped $1.15 trillion dollars worth of equities between 1992 and 1997. Nor
>did they replace them dollar for dollar with mutual funds. Households
>acquired $900 billion in the same period.

Different households, possibly? Have the very rich, who are more likely to
own stock directly, been effectively selling shares to the less rich? If
so, then maybe that old rule about being careful when buying something from
someone seriously richer than yourself comes into play.

Doug