Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 176.67

+1.6%

Nov 12 3:59 PM EST

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To: Art Bechhoefer who wrote (33603)	6/29/1999 7:16:00 PM
From: limtex	Read Replies (1) of 152472

AB- Second, the Fed, particularly Greenspan, has taken a dim view of the stock market going higher and higher. It's probably due in part to the members having failed to get their QCOM shares early on, and they'd like another chance. Sadly I think you are right. That reason combined with their admission that they don't know why the economy is performing as well as it is. Did you see what was being considerd as evidence today ? Yes a poll of "confidence" among a group of consumers. So desperate is the hugh and cry to try and whack the market that so called serious comentators and analysts are tuning for evidence of inflation to a poll of consumers. Surely this is the nadir of this interest rate hike nonsense. What on earth kind of evidence is this? It is ludicrous bordering insanity. The biggest problem the Fed has however IMHO was articulated by the Chairman in his last testimony a week or so ago in the House. He said that he thought it quite improbable that the rate of increase in productivity could go on increasing for ever. What a profound statement and he sounded so wise as he said it. Wisdom and caution they like that sort of thing in the highest levels of Government. But is it sound judgement? I mean who says that the technological improvements we are going to see over the next three years (say) are not going to produce greater productivity gains than those of the last three years. I believe the next three years are going to give us greater than the previous three years. But why would the Chairman believe what he evidently does? Because his whole long life and his parents before him thats what they saw. They couldn't have imagined the productivity released by say an AMZN and the Chairman has had decades of experience none of which prepares you unfotunately to be able to anticipate the economic power being released by the tech companuies we are priviliged to have today and to be able to invest in. I think it is entirely understandable the the members of the FOMC great and experienced as they are may be totally unaware of tech improvements being injected into the economy every day and changing the economy from what it was for five thousand years up until say three years ago into something that it is just at the very beginning of evolving into. This revolution which allows so many to participate in the wealth generating effect may well gather pace over the next few years. The old yardsticks just no longer apply. The tech benefits can carry this expansion and growth on for at least anotehr ten years without interuption until the next tech generation appears. Unless in their rage against the growth in the market the Fed whacks it tomorrow with an intrest rate hike or worse still an interest rate hike accompanied by a dose of uncertainty about another one at their next meeting. Best regards, L

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