<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; = charset=iso-8859-1"> <META content="MSHTML 6.00.2800.1400" name=GENERATOR> <STYLE></STYLE> </HEAD> <BODY style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BACKGROUND-COLOR: = #ffffff" bgColor=#ffffff> <DIV>Larry,</DIV> <DIV> </DIV> <DIV> <DIV>>>Sarah, there has been two stock market crashes. One was in = the late 1920s. I don't think you lost anything in that one. The other one was in = the mid to late 1980s. Are you of the opinion there was a third one? = </DIV></DIV> <DIV> </DIV> <DIV>You've asked me this question twice now, so with apologies to the = list, I will answer it.  Those who are not interested in the economy or the = election, PLEASE delete this email.  Do not read!</DIV> <DIV> </DIV> <DIV>-----------------------------------------</DIV> <DIV> </DIV> <DIV>NUTRITION LABEL</DIV> <DIV>Ingredients: sad story, economic stuff(ing), sour = grapes, 1 small graphic file, natural humor and seasonings</DIV> <DIV>Calories: approx 30 kB/serving</DIV> <DIV>Fat: 10%</DIV> <DIV>BS: 12%</DIV> <DIV>OT: 34% of RDA</DIV> <DIV> </DIV> <DIV>------------------------------------------</DIV> <DIV> </DIV> <DIV>So Larry, I was apparently mistaken.  Here's a chart of = what has happened in the Nasdaq over the past 5 years:</DIV> <DIV> </DIV> <DIV><IMG alt="" hspace=0 = src="cid:001101c4bf1c$1c2ac110$305fd943@Earlinelaptop" align=baseline border=0></DIV> <DIV> </DIV> <DIV>What we see here is apparently an exceptional period of sustained, = rapid, negative growth, throughout which investors retained over 20% of their = initial net worth, resulting in a market of unprecedented opportunity.</DIV> <DIV> </DIV> <DIV>(Don't y'all yell "BULLSHIT" at the same time, OK?)</DIV> <DIV> </DIV> <DIV>All BS aside, the market went from a high of about 5000 to a low of = about 1100, representing a 78% value loss over 30 months.  By comparison, = the stock market crash of 1929-1932 took the S&P 500 from about 300 to = about 50, representing an 83% loss over almost exactly the same time period.  = </DIV> <DIV> </DIV> <DIV>It's hard to know how to compare apples with apples.  It's = true that the S&P 500 declined to only about half its value in the crash of = 2000-2002, but of course the 1929 S&P 500 and the 2000 S&P 500 were not the = same basket, and in modern times, worthless stocks are retired out of these = indices, replaced by other stocks (so the crash doesn't appear quite as bad as it = otherwise would).  Also, while the S&P 500 was probably the = best index for the 1920's reflecting the average investor's portfolio, = the modern investor's portfolio is better reflected somewhere between the Nasdaq = composite index and the S&P 500.  The average investor lost approximately = 2/3 of his/her portfolio value.  So yes, the 1929-1932 crash was somewhat = worse (by maybe 15% loss), and numerous other contributing factors resulted in = a much worse depression (Republicanspeak = "recession").  However, the = crash of 2000-2002 left us hurting pretty badly, with people's retirement savings = virtually wiped out.</DIV> <DIV> </DIV> <DIV>Of course this is not really a "depression," because there is not = the same extent of "job loss" as currently defined.  That's because in the = 1930's, when you collected bottles for change to buy a loaf of bread, you weren't counted as an entrepreneur.  Back then, a job meant 9 = to 5 (or later), and it brought in real money.  People like myself wouldn't = be counted as "employed."  However, modern redefinition has taken care = of that problem, and people like myself are now success stories that the = incumbent president can boast about:</DIV> <DIV> </DIV> <DIV>You see, I spent the better part of my life preparing myself for a = career in neurobiological research, receiving my Ph.D. during the early 1990's, = in the decade Prez Bush Sr. declared the "Decade of the Brain," = meaning that neurobiological research was considered extremely high = priority.  So of course Mr. Bush slashed funding, and many of us had to close down our = labs, for lack of ability to put food on the table.  (Scientists have to = eat too, contrary to popular belief.)  So I went into the private = sector as an "entrepreneur."  After three failed ventures, I'm now on the fourth.  I've "retrained" myself with the latest in digital = imaging technology, and I'm trying to make a living as a photographer.  = After a couple of weeks in business, I've brought in $50 from one sale.  Extrapolating out, that would give me an income of = $2400 over the next year, which would not offset my initial = investment.  (I anticipate business will pick up, but I don't exactly expect to strike = it rich.)  So I am (self) employed now, in the great American entrepreneurial spirit of private enterprise, having left = the bad ol' big-government-funded world of the academic sector.  Yes, I am = one of Mr. Bush's millions of success stories.  (Someone yell "BULLSHIT," OK?)</DIV> <DIV> </DIV> <DIV>Looking at the bigger picture, if you were to compare the number of = fully employed individuals nowadays (i.e. working full time at their = pre-"recession" pay rate or better, with the same benefits, and in the same field) with = the number of fully employed individuals in the early 1930's, you might see = a very different picture and might be inclined to use the "D" word to describe = our current situation -- a situation in which Ph.D. scientists are = working as photographers, substitute teachers, exterminators, and painters, if = they're working at all (to draw from the examples of some of my = colleagues).  Granted, it's nothing like the 1930's, but neither is it anything like = what Bush portrays.</DIV> <DIV> </DIV> <DIV>Do I blame this mess on the Bush administration?  Only somewhat.  I really put the blame on rampant corporate fraud = and corruption.  Participating in that fraud and corruption were = Bush and Cheney, but they were only the tip of the iceberg.  Martha Stewart = was a but a snowflake in this whole mess, but she got a lot more jail time = than either Bush or Cheney.  To my knowledge, neither Kerry nor Edwards cheated = a single investor.</DIV> <DIV> </DIV> <DIV>Anyway, Larry, that's my honest assessment of what has happened.  Don't you dare tell me it didn't happen; I've lived it, toots!</DIV> <DIV> </DIV> <DIV> <DIV>Having said all that, this horrible economy is honestly the = least of my concerns.  I've always voted for social policy, energy = policy, and foreign policy.  This year, the preservation of our Constitution is = my number one concern as a voter, and even gay/les/bi/transgender (GLBT) rights take a back seat.  (This comes from a former = GLBT activist, folks!)</DIV> <DIV> </DIV></DIV> <DIV>Peace,</DIV> <DIV>Sarah</DIV> <DIV> </DIV> <DIV>PS  Only three days left in the Graphic Fusion Eight Inch = sale.  All eight inch prints available at half price to those who have posted = on this list over the past year or two.  Sale ends on election night.  = (Come'on all you Republicans, give "W" one more success story to = boast about!)  <A href="http://www.graphic-fusion.com">www.graphic-fusion.com</A></DIV> <DIV> </DIV> <DIV>PPS Apologies, again, to the list, and especially to those outside = the US.  However, remember that we are ALL affected by the outcome of = this election in the most powerful, arrogant, and = imperialistic country in the world.  What happens on Tuesday should interest you.  I = won't say another word, though, unless one of you persistently goads me for a = response, like Larry did.</DIV> <DIV> </DIV></BODY></HTML>