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To: Zeev Hed who wrote (36407)	7/3/1999 1:05:00 PM
From: Rarebird	Read Replies (1) \| Respond to of 116759

Zeev: I tried to verify your statement, " that now most of us are now working for public companies...." On a state and local level, employment has increased. On a Federal level, employment has gone down, however: Federal civilian employment reached a peak of nearly 3.4 million persons during World War II, receded to 2.0 million in 1947, and subsequently rose to 2.5 million in 1951. After nearly 15 years of only minor fluctuation, Federal Government civilian employment reached almost 3.0 million in 1967 and fluctuated in the range of 2.8 to 3.0 million between the years of 1968 to 1984. Beginning in 1985, Federal Government civilian employment again exceeded 3.0 million and increased to 3.1 million by 1987. A downward trend began in 1990 and continued through 1997. Source: U.S. Census Bureau Agency: Governments Division/Employment Branch census.gov Whatever happened to all those people who were downsized out of a job by corporate America? And what was the effect on the overall job picture? The big corporate jobs disappeared forever, as they will continue to for a long time. A full 90 percent of the new jobs came from entrepreneurs, giving rise to a growth spurt of new small business. Why will the stock market continue to rise? " The stock market values that part of the economy which is publicly held and today that part is much greater than it has ever been." To be sure, tons of money comes into the stock market these days via 401K and IRA funds. But the fact of the matter is that most Americans abandoned fundamentals a long time ago and are merely interested in making a quick buck. That is why the Internet Stocks rose the way they did. Who ever thought or cared about competition coming into the sector? Who needs profits or earnings? The Stock Market is the American Economy today. As long as people are willing to continually pay up for these earnings, everything will be fine. At some point in the not to distant future I see this trend reversing. By the way, Greenspan is no Messiah; he did a great job in 94, but he is in way over his head today.