The stock market is now trading at about 32 times earnings where it used to trade at maybe four or five times earnings. Those who invest hope to sell at a higher price and make their money out of thin air. Mutual funds that invest at 32 times earnings take an awful risk with your money. The newsletters that I read talk of the Dow losing half of its value or more when the bust comes. Wall Street now recognizes the coming correction is due.

Mutual funds are not regulated like the banks. The Mutual funds are now bigger than the banks. The Mutual funds have run the Dow from the $3,000 range up to the present artificial $9,000 high.The market has a way of periodically correcting itself. It is likely that a 20 percent correction will entirely wipe out most of those funds and the investors end up with nothing. In the past, bear markets have reduced the Dow to under five times earnings.

When it happens, Clinton's rating goes down and it starts a run on the banks and a sudden demand for Clinton's retirement. Clinton declares a bank holiday and prints as much currency as the printing presses can produce. Prices soar, companies go broke and jobs are no longer obtainable. The depression spreads to other nations because the politicians have merged us with foreign economies through the International Monetary Fund, etc. and other nations are only interested in our money.

Is this story realistic? It has already happened in southeast Asia. Their industry has shut down and they are in deep depression. Their stock market is down to less than half of what it was a year ago, and now our news media admits it is affecting our economy.

We have now rowed so close to the waterfall that unless the citizens suddenly awaken and immediately take charge, we are in for a very surprising, unpleasant bath.

Paul Hull

Spanish Fork