[PEN-L:28108] RE: Query on Larry Elliott/Dr Doom

["Davies, Daniel" <daniel.davies@xxxxxxxxxxxx>]

>Three "facts" 1) stock fall 2) poll on consumer confidence 3) Fraud at
>WorldCom.

>And the author confidently links them together. Perhaps they are linked
>-- but is there any necessary reason to think so?

>Carrol

Very good reason to think that they aren't.  For all the blood and thunder,
the Dow actually ended the week of the WorldCom revelations flat on the
week, and the FTSE has substantially underperformed the Dow.  Lots of UK
journalists wrote stories in the Sunday press about "American Stocks in
Free-Fall" illustrated with charts which proved that they hadn't.

OTOH, I'd note that when I was touring the States last week, I couldn't help
but notice that your news bulletins mention the words "investor confidence"
more or less every four minutes.  Funny, because all the confident people I
know spend surprisingly little time talking about how damnably confident
they feel today ....

dd


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