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Politics : High Tolerance Plasticity

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To: The Ox who wrote (1171)	3/8/2001 7:43:27 PM
From: Telemarker	Read Replies (2) of 23153

Michael, I gave some thought to your statement: <<At this time I have to agree with some of the comments coming from the FED folks that the looming recession is more important to combat than what appears to be phantom inflation.>> While my feeling is that inflation is somewhat more than just "phantom" at this point, I begrudgingly agree that the Fed's going to do what it thinks it has to do here (and what everyone else thinks they should do also). Yet I'm compelled to state the somewhat obvious - that it is exactly this policy which heightens inflation risks at this time. Unlike fiscal policy, monetary policy cannot be targeted. For some time now, the excess liquidity dependably ended up in tech stocks, and all was right with our little corner of the world. Now, however, things are much more uncertain. While the recent data do indicate that inflation is creeping up, we'll have to see what happens prospectively. Best to be on one's toes, IMHO. Regards, TM

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