Quote from harrytrader:
fantastic : people believe in gov "stats"
"Santa Claus rally and more new highs!
Dec 24 2003 (from today's Hotline)
Commerce Department data confirmed the incredible 8.2% 3Q GDP growth, providing the Christmas cheer to move NYSE indices to further highs. Consumer spending and sentiment both were announced and very positive, giving added confirmation to investor optimism. Year end often sees a market rally, as bonuses and dividends are invested, but after the strong ...[Subscribe to read more] "
"INCREDIBLE" to say the least. It's much easier for Gov today to use "stats" than in the old days during the Mississipi scheme
"The value of shares in the Louisiana, or Mississippi stock, had
fallen very rapidly, and few indeed were found to believe the tales
that had once been told of the immense wealth of that region. A last
effort was therefore tried to restore the public confidence in the
Mississippi project. For this purpose, a general conscription of all
the poor wretches in Paris was made by order of government. Upwards of
six thousand of the very refuse of the population were impressed, as
if in time of war, and were provided with clothes and tools to be
embarked for New Orleans, to work in the gold mines alleged to abound
there. They were paraded day after day through the streets with their
pikes and shovels, and then sent off in small detachments to the
out-ports to be shipped for America. Two-thirds of them never reached
their destination, but dispersed themselves over the country, sold
their tools for what they could get, and returned to their old course
of life. In less than three weeks afterwards, one-half of them were to
be found again in Paris. The manoeuvre, however, caused a trifling
advance in Mississippi stock. Many persons of superabundant
gullibility believed that operations had begun in earnest in the new
Golconda, and that gold and silver ingots would again be found in
France."
I'm glad I'm not the only one who found that stat hard to believe!