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Technology Stocks : Intel Corporation (INTC)

INTC 34.49

+2.6%

3:59 PM EST

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To: Road Walker who wrote (103190)	5/8/2000 7:26:00 PM
From: Harry Landsiedel	Read Replies (2) of 186894

John Fowler. Re: "There was a VERY GOOD page one article about Greenspan and the markets in today's WSJ." I agree. It was an excellent article. Re: "To say he is/has been obsessed with valuation/stock prices may be an understatement." The feeling I got from the article is that he has been obsessed with HOW valuations impact the economy and by extension monetary policy. Net, Net, the article shows him to be cautious and while he listens to the inflation hawks (Linsey/Broaddus), he admits that over the past 5 years it has been the investors who have been right about the economy and NOT the economists. Like you, I think he exaggerates the impact of the "wealth effect" on overall consumer spending, but I now feel that he is using that as his current hypothesis. If the facts do not bear it out he will change his opinion. I just hope it's soon enough before doing too much damage to the economy. Could today's action be symptomatic of an ongoing reduction in stock prices with high PE's to reflect rising interest rates? I wonder where the bottom will be? HL

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