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To: Shadow who wrote (135116)	6/30/1999 2:39:00 PM
From: W.B. Michaels	Respond to of 176387

RE:Fed-We are and have been for quite a while IMHO --- in long term secular deflation-- because of global competition and the new IT world ---increasing productivity at geometric rates.wbm INFLATION IS DEAD IN OUR TIME-MY quote first espoused in 1982-Tulsa Tribune._-It's just a fear of Europeon immigrants because of the 30's Wymar Republic episode-like our 30's depression episode still has it's share of oldsters who just won't-"Give it UP".wbm No need for FED-Long Bond does it!!!