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To: TAPDOG who wrote (1789)	6/16/1999 12:46:00 PM
From: Paul Berliner	Respond to of 3536

I think AG asks himself 'Is easy credit too readily available?' Currently, the answer is yes.

To: TAPDOG who wrote (1789)	6/16/1999 2:48:00 PM
From: Henry Volquardsen	Respond to of 3536

Thanks guys, I just wanted to do an informal survey to see what folks are thinking. My own opinion is that a hike is pretty much a done deal and they will reaffirm the tightening bias. I agree with the notion that the Fed's real concern is a potential asset bubble a la Japan in the 80s. The problem is they need inflation as a cover. It will be difficult public relations wise if they are tightening while inflation remains tamed. I can just imagine the Congressional hearings where AG gets asked about why capital investment and low growth are a bad thing <G>. The beige book expressed continued concern about wage inflation but their evidence was mostly anecdotal. Greenspan speaks tomorrow and it should be very interesting.