Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 165.13

+1.1%

Nov 26 3:59 PM EST

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To: Frank Ellis Morris who wrote (37230)	7/26/1999 11:55:00 PM
From: Morgan Drake	Read Replies (1) of 152472

I guess I have to agree with Frank. Sure Greenspan has been great for the economy since he took office. Can't fault him there. But why does he have to continue to bash the market? If he has a problem with oil or labor rates or internet stocks, why doesn't he just bash them instead, and leave the rest of the market out of it? If he's really worried about inflation, then he should take steps not to "inflate" the money supply any faster than real growth and productivity gains can accommodate. That's all he has to do. The economy will sort out the rest. If he were truly interested in solely managing inflation, then he should say absolutely nothing about raising interest rates: his testimony should reaffirm the Fed's commitment to seeing to it that the money supply is not increased faster than real economic growth and/or productivity gains can deal with it. So if the economy wants hamburger flippers to get $12/hour, then they will. If the economy doesn't want them to get it, they won't. Changes in real prices (as opposed to nominal prices) are signals to the economy to reallocate resources to a more valuable economic activity from a lesser valuable activity. It's a big deal to the Fed when Lenny Lunchbucket gets a 50 cent an hour raise---it apparently is not a big deal to the Fed when guys like Eisner get $100mm comp packages. We've all gone through a lot of time and effort to find winning stocks like Q and to commit our resources to them. It seems a shame that after we have done this, our investments can get trashed not because of legitimate competition in the market place, but because the govt decides it wants to muscle onto the playing field and "reallocate the scores/points" amongst the various economic players from time to time just for the heck of it. Morgan

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