[billybudd]

There is no valid reason the markets are down.

Boy, how did you come to that conclusion? I don't think millions of investors are being irrational when they take their money out of the market - they are simply reflecting the economic and political uncertainty. This is a "valid" reason, although I'm not sure what you consider a "valid" reason for a market to be down.
I think your optimism is premature. We have not experienced a panic, an overreaction that can be cleared up once the dust settles. We have had much worse - a steady loss of credibility in the market. There are structural issues to be resolved at the core of our economic system, plus an uncertain political environment because of the war. This is not something that will "clear up" in a couple of months.

[LS]

I agree this won't clear up in a few months, but I disagree that there are fundamental "structural" problems. Quite the contrary, many of the structures (productivity, new home contstruction, low unemployment) are good. What is missing is VENTURE CAPITAL---the "animal spirits" that Keynes spoke of and the thing that drives the high-tech market, which is where the boom must come.

I also, however, have been almost alone here preaching on the necessity for the "last mile" of internet wiring, which I view as critical to the next boom, AND a resolution in the intellectual/property rights of content on the net. When those things happen---and the fed loosens the money supply (we are still in deflation)---then the recovery will be fast, no matter what the so-called "trade deficit" is.

[snooker]

Well those, millions of investors have a choice. Bankruptcy, which then their stock is worthless, or re-oganization, in which case their stock migth be worth something.

The economy is moving along at a 5-6% rate. What uncertainty. This is what I meant. Profits are coming back and manufacturing is picking up. Read the reports.

True PC sales aren't but who needs a new faster system to run a new slower OS. This train is parked.

Now as to those laid off at WCOM, yep ... this is the pits. But if the ones that remain at the company want the best shot at having a job, they should go the re-organization route.

WCOM is 55% carrier for internet backbane. And they run MCI. Many B to B operations utilize their networks. A big cash business.

I say that WCOM should get the chance to right the ship, rather than just toss it out and everybody loose everything.

But the previous management should see jail time. Starting with the CFO.

tarpon