I too agree with what was said. But no one is being a "prophet of doom" as you put it. I am stating a simple fact of the Capatalist Economic Cycle. It has its peaks and valleys. Do you honestly believe that this boom (which by the way, I am grateful for) really will go on for infinity? If so, why???????? How is todays economy any different than what it's been in the past, other than the proliferation of dot coms??????
Speaking of which, can you tell me why so many of those dot coms vanished overnight?
Anyway, to answer my own question, there is one fundamental difference.
Up until about 1995, the Stock Market was driven by reported earnings, and factual data. Today it's based almost, if not entirely on SPECULATION. Very big difference.
I'm not saying we ARE in a recession. I'm saying that one is COMING. Like I said, it's a simple fact of economics.
One other thing that tends to be overlooked is this.
I am 27 years old, which seems to be the favorite age group for these pollsters to ask the following question:
"Are you better off financially than you were 8 years ago?"
And of course most of us will respond with a resounding "YES"
Therefore, it gets reported that everyone is better off than they were 8 years ago.
There is just one tiny flaw in that conclusion.
8 years ago, which was 1992, I was 19 years old. I was one year out of high school, and had just entered college. My job was working at a greasy fried chicken outlet, paying about $100 a week.
Now that 8 years have gone by, I have entered the workplace, and climbed my way up to bigger and better jobs with greater responsibility, and higher pay to boot.
I am now making many times more than I was in 1992, thus my financial position is much better.
Economic boom? No just growing up.
Now just two questions for you.
1. How do you explain the seemingly growing trend of the Stock Market taking a dive?
2. Amidst this so called boom, why is Consumer debt and bankruptcies at all time highs?