According to BLS: Losses in manufacturing and transportation. Gains in finance, construction, and professional and business services.
Stock market bubble? Dead cat bounce is more like it, which doesn't mean you can't make money in it. I think the US is really about to drop into the double of the double dip-- classic elements right now-- commodity prices rising, gold with a 25% appreciation, production for inventory, overproduction continuing in steel, aluminum, autos etc. Bubbles? Biggest one of all time-- it's called China-- with non-performing debt levels at or exceeding Japan's levels of 6-7 years ago-- overinvestment in production capacity without the infrastructure to support the actual production-- i.e. transportation, circulation, utilities (water, electricity), feverish snapping up of IPOs (latest one I read about was IPO of Great Wall Auto on Hong Kong Index-- demand for shares was 26X the float, with buying on a 90% margin. Re: Infrastructure and domestic market in China-- Grace Semiconductor Manufacturing-- Wholly owned Chinese Fab Operation.....er, maybe not.. Says W. Wong-- Chairman: "We came here to build a fab for the domestic market otherwise it makes no sense because your costs are higher than in Taiwan because of the lack of infrastructure." Domestic market? The plant is managed by Taiwanese. The first contracts are with OKI of Japan and the big target for Grace is Silicon Storage Technology in the US. Domestically owned? Partner in this enterprise is George W. Bush's younger brother. Is the intl. economy stable enough? Don't know. But cyncial, jaded, suspicious NYer that I am, I'm betting there is no '04 election. dms
