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To: Frank Ellis Morris who wrote (137696)	7/26/1999 4:43:00 PM
From: D.J.Smyth	Read Replies (3) \| Respond to of 176387

ot EBAY: much stronger report than any analyst expected biz.yahoo.com Per CEO..."We have tremendous momentum in our flagship business,'' said Meg Whitman, President and CEO of eBay. ''Our customers now transact well over $200 million in gross merchandise sales per month, making this the most vibrant consumer e-commerce site on the entire Internet..." I guess she forgot that Dell is doing over $19 million a day. Still bullish numbers.

To: Frank Ellis Morris who wrote (137696)	7/26/1999 4:45:00 PM
From: nolimitz	Read Replies (1) \| Respond to of 176387

So run for office and do some thing constructive. Would you like a little cheese with that w___

To: Frank Ellis Morris who wrote (137696)	7/26/1999 4:48:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 176387

Frank,I think Paul A. Volcker is our man,let's get him and ditch the Greenman,I am sure he is available.<g>

To: Frank Ellis Morris who wrote (137696)	7/26/1999 4:51:00 PM
From: Lee	Respond to of 176387

Future unclear for a 21-year-old Fed tradition biz.yahoo.com WASHINGTON, July 26 (Reuters) - When Federal Reserve Chairman Alan Greenspan visits Capitol Hill on Wednesday to shed light on U.S. interest rate policy, it could mark the end of a 21-year-old tradition that has become a huge event for financial markets. In an appearance at the Senate Banking Committee this week, Greenspan will wrap up his semiannual ''Humphrey-Hawkins'' testimony, in which he gives House of Representatives and Senate committees a formal report on the economy and monetary policy. But the reports, which started in 1978, are due to be phased out this year despite their popularity with lawmakers and their crucial role in explaining central bank policy. Now lawmakers are seeking a way to keep them going. The plan's chief sponsor, Chairman Jim Leach of the House Banking Committee, is guardedly optimistic it may succeed. ''I'm hopeful but I don't want to presume anything,'' Leach told Reuters. The Humphrey-Hawkins hearings date back to a law sponsored by Sen. Hubert Humphrey and Rep. Augustus Hawkins that set out the Fed's mandate of promoting maximum growth, low unemployment and low inflation. It also formalized the accountability of the independent U.S. central bank to Congress. While Greenspan and many other Fed officials routinely testify on Capitol Hill about banking, budgetary or economic matters, the Humphrey-Hawkins testimony is a detailed report that includes economic forecasts and a thorough explanation of the Fed's recent thinking on interest rates. Delivering the first part of his Humphrey-Hawkins testimony to the House Banking Committee last week, Greenspan said the Fed intended to act ''promptly and forcefully''should inflation appear set to rise. But he also tempered that warning by indicating the Fed was keeping its options open and did not necessarily intend to act in short order to follow its June interest-rate rise with more increases. He will likely repeat those remarks to the Senate panel, and will also respond to a barrage of questions from lawmakers. Greenspan has been given a great deal of credit for the stellar condition of the U.S. economy, now in its ninth year of expansion. In part because of the economy's recent performance, there is little appetite in Congress for reining in the Fed's independence, even among the more critical lawmakers. But many members of Congress and even Fed officials themselves view the Humphrey-Hawkins hearings as a crucial forum for a give-and-take between elected representatives and the most powerful central banker in the world. ''The hearings are one of the few cases in which the Fed chairman can be challenged on an equal footing with lawmakers,'' said Rep. Barney Frank, a Massachusetts Democrat who sits on the House Banking Committee. ''I can't imagine they would end.'' ''I believe that members on both sides of the aisle would support a continued appearance by Greenspan,'' said Rep. Maxine Waters, a California Democrat, also on the banking panel. ''There is value, certainly, in having (Greenspan) come -- number one, to learn what he's thinking and how he thinks and what drives his conclusions.'' The Humphrey-Hawkins hearings are being phased out, most lawmakers insist, not by design but because of an obscure provision that lumped the reports in with others to be eliminated in a paperwork reduction act passed four years ago. One key congressional player, Sen. Phil Gramm, the Texas Republican who chairs the Senate Banking Committee, said several months ago he thought it was a good idea to end the Humphrey-Hawkins reports, saying they were a waste of time. But he later backed down and said he was open to renewing the reports if colleagues felt strongly they were important. Leach, an Iowa Republican, is preparing a package of bills that would reinstate the Humphrey-Hawkins reports along with several other reports his panel receives. He said he hopes to hold hearings on the legislation in September.

To: Frank Ellis Morris who wrote (137696)	7/26/1999 5:32:00 PM
From: Ian Davidson	Respond to of 176387

Frank re " You cannot have the kind of power that Greenspan has and tell the people that you would raise interest rates aggressively at any hint of inflation." That is his job. That's exactly what he was appointed to do. Ian

To: Frank Ellis Morris who wrote (137696)	7/26/1999 6:50:00 PM
From: TTOSBT	Read Replies (1) \| Respond to of 176387

Re: "Some people state that Greenspan is not saying anything new and I find it very difficult understanding why some insist on defending him. This guy is indeed not a friend but is very much hostile to the markets and at this point we may all be much better off if he would leave." Frank although I am not sure that your resolution to Greenspan (ie getting rid of him) would be positive for the markets. I do agree with your estimation of what and how he is effecting the market's lately. I have noticed ever since the resignation of Rubin that he seems to be more confident in acting like a hawk. When Rubin was around to offset his hawkishness he walked a fine line very well and got Clinton to re-appoint him by being a very market oriented FedHead. Now he seems to have a (fathead) different agenda? I suspect that is why Alice Revlin left? Don't think her ideals would of gotten any respect without Rubin around? Here is a quote of what she said from the following report: savewealth.com "A shift in the Fed's Board of Governors is not helping matters. On June 1, the Board of Governors' second-in-command, Dr. Alice Revlin, announced her resignation effective July. In her resignation letter to President Clinton, she also indicated that she would not sit in on the June 29-30 meeting. While analysts have noted Dr. Revlin rarely strayed from Greenspan's policies, her resignation has muddied the direction the Feds may take." It seems to me she wasn't giving Greenspan a hard time but he seemingly was about to give her one? And since she was an advocate of the new economy ideas I think we are turning back to the old school and to a manipulated slowdown? We are definitely in trouble here with the current state of Mr. Greenspan who seems to abhor the wealth effect the market can bestow on the masses. He may want to keep the money in the hands of the chosen few and away from the many. Like you I smell a rat! TTOSBT

To: Frank Ellis Morris who wrote (137696)	7/26/1999 7:55:00 PM
From: stock bull	Respond to of 176387

Frank, what better why to slow the economy than taking wealth away from the spenders? The consumers have been a major source of fuel for this economy. Higher interest rates will cause the market to correct, if not enter a bear market, and reduce the net worth of all the investors. This is one way to slow the economy. Of course, the other side of the coin says that Greenspan is trying to "jaw bone" the markets down. I for one think we will see more rate hikes, at least two more. This will take back the three cuts we had last fall. Stock Bull