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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: James C. Mc Gowan who wrote (36939)	7/23/1999 5:43:00 AM
From: limtex	Read Replies (1) \| Respond to of 152472

JM everyone was waiting for another lecture on irrationality from Uncle AL. I don't think it would be a particularly good idea to mention the Q to Old G. He is quite firm in his belief that its stock price is far too high. He said that market has gone up due to unwarranted euphoria. He knows precisely what the value of stocks should be. I dare say if you write to him he will tell you exactly what the value of QCOM shares should be. The market obviously doens't have a clue as to how to value stocks. Maybe there should be laws to stop stocks from going up to unwarranted euphoric values. The stock market is obviously a seriuos impediment to the smooth running of the economy and it sounded very much to me yesterday like if there wasn't this horrendous problem of stocks going up in value without the approval of Old G then we might not have to have any more interest rate rises. One of the highlights of yesterdays comedy show was the Congressman who tried very hard to ask Old G why it was that it was OK for "earnings" to go up but very bad for "Wages" to increase. Could he explain that. Old G replied that the Congressman had raised a very important issue!!!!!! For one brief moment I thought there had been an outbreak of mass lunacy. Could someone please give these two a book on basic economics with the page on Capitalism compared with Communism dogeared so they could find it. Strange as it sounds I think we ought to tell them that we are supposed to be in a Capitalist system where markets have been thought some to be the ultimate judges. Best regards, L