Thoughts from the Frontline

The Cisco Hustle

By John Mauldin

August 10, 2001

Doing The Cisco Hustle
The Beige Book Blues
The Law of Large Numbers
Visibility: The Recession Comes Into Focus
The Bond Train is Leaving

First off, I want to stop the rumors that I had anything to do with the wording in this week's release of the Beige Book from the Fed. They used words like: "slow growth", "sluggish", "below expectations", "weak demand", "loosening labor markets" and "pronounced reductions in consumer borrowing". The fact that I have been writing the above for months is mere coincidence. Or it may be due to the fact that even the Fed has to recognize the problems.

This bell weather report was u-u-g-ly. Sounds like they think there is a recession going on. We will look at that and more in a moment, as this week had a lot of important news.

But first, I HAVE to comment on an interview done by CNBC with John Chambers, the CEO of Cisco. From my chair, it was one of the more outrageous hustles I have seen in years. My less than sainted…

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