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Bill Clinton, on the other hand, won a second term and broke the spell that had kept Democratic presidents from reelection since Franklin Roosevelt.

Presidential elections in election years always overshadow congressional changes and gubernatorial contests, and this is no different.

However, for the American elite, everyone will not underestimate the other two aspects at all.

Compared with the overwhelming momentum of the presidential election, the Republican Party still maintains its own advantages in the two houses of Congress and the governor election. Just like the "pendulum effect" of the mid-term elections two years ago, the Democrats failed to achieve the same results in the congressional and local elections this time. One of the key reasons for the victory is that a large number of people deliberately voted to split.

Since Clinton took office, the U.S. economy has recovered strongly, with more than 8 million new jobs created in four years, and the unemployment rate has dropped from nearly 5% in the Bush era to [-]%, which is also the best state in a decade.However, the constant scandals that broke out during the first term of the president and his wife also caused voters to be entangled to a large extent.On the one hand, it recognizes Clinton's ability to govern, and on the other hand, it subconsciously votes against Clinton in the congressional and governor elections.

According to statistics from polling stations across the United States, more than 13% of Clinton supporters have chosen to vote for the Republican Party in Congress or the governor. The proportion of 13% may not seem much at first glance, but when calculated, it is enough to cause a fundamental reversal of the election situation in many regions.

All in all, in the next four years, the United States will still show a see-saw split between the White House and Congress.

At the same time, to a large extent, the Republican Party pursued Clinton's private information even more fiercely, so that the zipper door scandal appeared in the past, and the spectacle of the impeachment of the US president was staged again. In the general election, in order to avoid getting involved, he deliberately avoided Clinton, who had been working together for eight years on the surface, and refused to allow the other party to help him in the election.

The day after the election results came out, the capital market gave the most direct feedback first.

The re-election of Bill Clinton obviously means that the economic policies of the past few years will continue, so it is a big plus. On November 11, the Dow Jones Index rose by 6%. The increase reached 1.5%, from 2.1 points at the opening to 5315 points.

Daenerys Entertainment and Igret, the two leaders of the NYSE and Nasdaq, have both reached new highs in market capitalization.

After the market value of Daenerys Entertainment exceeded US$10 billion in mid-October, it fluctuated immediately, and once again returned to the range of US$5000 billion. However, on November 4000, relying on a single-day increase of 11%, Daenerys Entertainment Group The market cap ended up at $6 billion by the end of the day.

Even more eye-catching is Eaglet.

On November 11, Igret’s stock price rose by 6%. Although it was not as high as Daenerys Entertainment’s increase, the total market value at the close of the day had reached 1.6 billion U.S. dollars, which was only 5796 billion away from the 6000 billion U.S. dollar mark. For the U.S. dollar, if it wants to break through 204 billion, it only needs a 6000% increase.

The U.S. stock market still seemed to be insane, however, as the dust settled on the 1996 election, the situation immediately became delicate.

After the election, overtly and secretly, many people began to operate around the U.S. stock market, with the focus naturally on the Nasdaq technology sector.

new York.

On the north shore of Long Island, about 30 kilometers away from Manhattan, in a mansion in the affluent area of ​​Lattington across the sea from Greenwich, the time is Friday night, November 11, where a congressman elected by the Republican Party of New York State is being held celebration reception.

Recently, Richard Mellon Scaife, who has been more active in the political and business circles on the east coast, arrived early, skillfully socialized with the guests confirmed in advance one by one, with a certain kind of solicitation and temptation in his words, and soon with today's The most important contact target of the night, Julian Robertson, moved to a study room specially set aside by the host's house.

Over the past month or so, the proud and domineering Richard Mellon Scaife, who has been going smoothly for decades from birth to the present, secretly wanted to put eye drops on a certain young tycoon. , For the first time in this life, I was frightened for a long time, but there was a lot of thunder and little rain.

Scaife refrained from making the revelations after he received a stern warning at a family meeting hosted by his uncle, but he also insisted on not shutting down the Pittsburgh Tribune despite family pressure.Just kidding, how can a newspaper worth 5000 million dollars just shut it down?Even if the family said they could give him some compensation.

The Mellon family has never been so useless in 200 years.

Although his attitude was tough and he didn't even make an apology call from his uncle, but things were going well.

This is also a matter of course in Scave's view.

Two years ago, Simon Westeros went to war with the Hearst family, which ultimately damaged the Hearst family's vitality. In fact, it has already aroused the vigilance of many old money families in the United States.If that young man confronted the more entrenched Mellon family because of a trivial matter this time, it would be impossible to say that the traditional capital forces of the entire Federation would have to unite to avoid being constantly ridden on the head by this ignorant new money junior.

However, even though he passed this test, Richard Mellon Skye, as the son of the top old money family in the federation, spent millions of dollars on Clinton because he didn't like Clinton in the past few years. Afterwards, the more I thought about it, the more I couldn't swallow this breath, so during this period of time, I frequently secretly recruited and joined forces in various conservative old money circles on the east coast.After all, even though the growth rate of the Westeros system is miraculous, the current core political and business system in the United States is still in the hands of traditional capital.

Scaife changed his own experience more than a month ago to say that in any case, the Westeros system cannot be allowed to continue to expand.

After patient research, Scafe first set his target on the Nasdaq market.

As long as the new technology bubble is punctured, a series of new technology giants that are the core assets of the Westeros system will inevitably be severely impacted, and even Simon Westeros' personal assets will shrink sharply.

Inside the study.

After a brief exchange of pleasantries, Scaife took out a document and handed it to Julian Robertson, the head of the Tiger Fund, and said, "Julian, this is a document that was suppressed by a financial reporter in Boston some time ago." I know that Tiger Fund has been pessimistic about technology stocks, and perhaps this article can be a good breakthrough.”

Julian Robertson took the information and let it go, and couldn't help frowning slightly after only looking at it.

——A shocking conspiracy, a Ponzi scheme in the Internet industry!

As a professional and veteran Wall Street fund manager, Julian Robertson sneered at this kind of article that was suspected of sensationalizing the article just by looking at the title. However, since it was sent by Scave, he still read it patiently, and then his expression became more and more serious.

In simple terms, a Ponzi scheme is a scheme in which the person who set up the scheme uses high returns and high interest rates as a bait to defraud investors of their funds. Unsustainable collapsed.

The article that Scafe took out is precisely describing the current Internet industry as a large-scale 'Ponzi scheme'.

The article has obviously been processed repeatedly. Both the case and the data are detailed, and the spearhead is directed at the three technology giants of the Westeros system that are currently the most popular. They believe that the serious bubble in the new technology field at this stage is entirely caused by Cisco and AOL. The three companies, together with Igret, have tied countless investors and ordinary users in a seemingly prosperous Internet industry chain through common public opinion campaigns and a set of interest chains similar to Ponzi schemes.

In reality, the industry is worthless and will eventually collapse.

In addition to the general conclusion, the article gives very detailed arguments and annotations. Taking Igret as an example, this company continues to acquire from various industries through expensive monopoly businesses such as Internet basic tool software, cloud computing, and online advertising. Funds have been defrauded by investors and entrepreneurs who have been deceived by public opinion, forming a source of income that has continued to grow at a super high rate in recent years.

On the other hand, Eaglet continues to attract people through online services such as portals, e-mail, social networks, and video sites that are seemingly free but actually consume a lot of public time, and through AOL's illegally subsidized low-cost access fees. hundreds of millions of Internet users.

In order to continue this false prosperity, Eaglet has also opened up online outsourcing platforms that also rely on a large number of Ponzi subsidies, video website advertising sharing and other payment channels that do not actually bring stable job opportunities to the society, further defrauding users for its production content.

The result of this Ponzi scheme is the false prosperity in which the three companies of the Westeros system account for 20% of the total market capitalization of Nasdaq at this stage.

Under this false prosperity, more and more start-up companies that have been deceived and encouraged to invest in the new technology market burn all their funds in the interest chain of the three companies in the Westeros system, and gradually become unsustainable. They are far from getting the return they imagined, and only the big three of Cisco, AOL and Eaglet have benefited.

Julian Robertson read the entire article carefully and let out a breath.

If he hadn't had a detailed study of the Internet industry, Robertson would have believed this article, which is logical and full of conspiracy theories that can easily incite public sentiment.It is conceivable that once this article is published, it will definitely be a super bomb for the Internet industry that has peaked and is crumbling at this stage.

After waiting for Julian Robertson to read the article, Richard Mellon Scaife closed his eyes and pondered for a moment, and asked, "So, Julian, what do you think?"

"You can incite the public, but you can't fool the smart."

For an emerging industry, whether it is a bubble or not, the criterion for judging it is actually very simple, to see whether it can create wealth.

The core of the Ponzi scheme is drumming and passing flowers. It is also a zero-sum game to some extent. As much as someone earns, someone loses as much.

The Internet is obviously not. Take Eaglet as an example. In any case, Eaglet’s basic Internet tools and software matrix are still increasingly large cloud computing services, and even portals, social networks, emails, etc., all of which are It is the wealth created by countless people after labor, including a large amount of intellectual property and digital assets.

Perhaps emerging countries do not recognize these, but for Western developed countries, these are wealth.

Therefore, even if there is indeed a bubble, the Internet itself is a platform that can actually bring about changes in the work and life of countless people.

Scaife said: "Julian, what we need is the result of 'inciting the public', isn't it? At this stage, the size of retail investors in the federal stock market has reached the highest level in decades. After this article is thrown out, as long as it can cause panic, If the stampede effect is caused, the Nasdaq index will inevitably collapse, and the Tiger Fund will definitely make a lot of money by planning ahead.”

Julian Robertson had just heard another guest chatting about the reason for Scave's recent activity at the reception. At this time, he didn't get entangled in this matter. After thinking about it for a while, he shook his head and said: "Not enough, it's still not enough."

"Of course, I know that's not enough," Scaife said. "So, Julian, I hope we can join forces and use our connections to push the Fed to raise interest rates. In addition, there is the Department of Justice, although everyone knows that the White House and the Westeros wears a pair of pants, but it is not without our room for manipulation. If Igret can be split up, there will be negative stimulus in many ways, and the Nasdaq index will definitely collapse.”

Julian Robertson thought for a moment after hearing what Scaife said, and then asked, "So, Charlie, what do you want me to do?"

Scaife said: "Of course it is to use your contacts. We will jointly promote this matter, avoid fighting each other, and ultimately benefit together."

Julian Robertson slowly rubbed the paper leaves on his knees with his fingertips, and said: "Igret's antitrust case is still under investigation, and coupled with the position of the White House, there is no possibility of any results in the short term."

Scaife thought for a while and said: "Then find someone to release some news at the right time, such as finding the key evidence that Igret is suspected of monopoly, splitting up is inevitable, and so on, it's easy. "

Julian Robertson nodded.