Nathan Newman wrote:
>Now, the last few years have obviously been an incredible run up stock
>values, but there is a reasonable argument that there has also been an
>incredible expansion of global expansion by US corporations, fueled by the
>Internet-related technology explosion along with the general
>hyperexploitation of the third world.
>
>If the stock runup had continued at the 1995-1999 pace, it would obviously
>be unsustainable, but the Dow and S&P 500 has been pretty stable for the
>last year. The runup could reasonably be seen as a reevaluation of US
>stocks based on realization of how technology and the global power of
>exploitation that may flow to those controlling technology standards will
>lock-in profits for the future.
You're projecting the future on the basis of the present and recent
past, which is exactly my point about how stocks are valued. Who the
hell knows what's going to happen? In early 1989, it seemed like
Japan was going to own the world.
>I continue to be a bit skeptical of your focus on US wages, US interest
>rates and other US stats when the operations and profit centers of these
>multinationals are scattered across the globe.
Most U.S.-based MNCs do most of their business here, are owned by
U.S. stockholders, and report and repatriate their profits for the
benefits of their U.S. stockholders. They're not nationless yet.
Doug
