Word: stocking
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Dates: during 2000-2000
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Although both indices are still at higher levels than they were three months ago, these recent shocks have altered the course of the stock market over the few weeks so as to resemble--to continue in the same literary theme--a minefield. And an air of uncertainty, as any devotee of the Wall Street Journal knows, constitutes the deadliest economic poison of them all. Without getting too technical (ok, without any attempt at a sophisticated analysis) it seems as if things are going to get a lot worse before they get better...
Experts have been busy placing the burden of blame on the technology sector and its famously overvalued stock prices. Considering the hype--and subsequent expectation inflation--that has surrounded the success of the dot-coms, implicating Internet fever is a safe, uncontroversial explanation that specialists feel comfortable voicing and that the public is eager to swallow...
...always, the most convenient rationale is not necessarily the most accurate. To find a better answer, we need to turn to the previously mentioned war-zone mentality of the stock market and try to discern what exactly everybody is fighting against. As much as we'd like to believe it's a struggle for control of the World Wide Web, the true battle is the one waged against the fallout of our millennial incarnation of the American Dream...
...seems permanently grafted onto American society, which probably explains the incredible success of shows like ABC's "Who Wants to be A Millionaire" and Fox's "Greed," (thank you, Fox, for telling it like it is). It also goes a long way to explaining the real reason why the stock market performed so atrociously last week. What could possibly more seductive than the prospect of making untold amounts of money from an IPO for a website, something that anyone with a modicum of technological savvy can create and maintain? How many times over the last few years have we heard...
...that the future may not be "very good", the majority of the American population that became involved in the stock market over the last half-decade just doesn't seem to know what to do. Their reach for wealth seems to have greatly exceeded their grasp on the complexities of the system; one survey found that the average American expected the market to grow an average of 19 percent for the next ten years. This figure is totally irrational for a long-term prediction, and reflects the kind of ignorance that led people to continue to transfer funds...