Bill Fleckenstein  Contrarian Chronicles4/23/2007 12:01 AM ET
Danger! Market partying like it's March 2000  Accurate memories
are in short supply in the marketplace, but greed never is. Look
back seven years to the mania and note that history appears to
be on the way to repeating itself.  By Bill Fleckenstein
Ipso facto, stocks go-go-go  Fast-forward to today. The real
estate market is unwinding, and substantial macro problems are
at our doorstep. But folks party every day because stocks are
going up. And, if stocks went down, leveraged-buyout kings would
buy every one of them in the land, or something like that.  The
current mood feels a lot like March 2000. For example, last
Monday, April 16, saw an enormous party in the entire financial-
stock arena. With Sallie Mae (SLM, news, msgs) having agreed to
be a leveraged buyout, perhaps folks concluded that everything
is an LBO candidate. Fannie Mae (FNM, news, msgs) was up about
4% that day, I guess because, like Sallie, it's got "Mae" in the
name. Let's re