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To: Frank Ellis Morris who wrote (23919)	6/24/1999 5:58:00 PM
From: Sonny McWilliams	Respond to of 27012

Frank. I think we are too hard on Alan Greenspan. It's not Greenspan that is causing all this threat to the stock market. It's those bears that are trying to squeeze every drop they can out of Greenspan's speech. Greenspan was not exactly a hawk. I had mentioned, when I put on a summary of his speech, that he seemed not quite sure of himself with this new economy stuff. All he said was that a moderate hike may become necessary to nip possible inflation down the road in the butt. He thinks the consumer is too strong and wants the wealth effect, that we stock owners are feeling, to come down a bit. Now those pundits on the street are painting him into a bad corner. I don't think that a 50 or 75 basis point move is moderate. I would guess he was talking about 25 basis points and then see what happens. I just heard that around 30 economists think the move will be 25, around 10% think about 50 and an ever lower procentage think it may be more. So, let's give due where due belongs. Do I wish the FED's would just keep their trap shut and then do what they will be doing? Yes. Greenspan generally does not speak unless he goes to Capitol Hill and related things. They would be hardly satisfied if he said nothing. He gives his opinions and that's All anyone can do. I am still looking forward to a summer rally. Our techs fared fairly well considering what the bond is doing and MU and AMD. Let's talk again about it on Tuesday. We will know more. I don't think A.G. will go crazy. Japan is still fragile and Europe is still weak. What worries me the most is that some Dove's resigned from the FED. I also don't think that Summer's is another Rubin. How about the Msft trial ending? It will be a while before there is a judgment. That J.Klein. Umm, umm. And I like it when GVT pats itself on the back for a job well done and for working so hard. And here I thought that's why we pay their salaries. Well, it was the NY States Atty that did those honors. Sonny