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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: Jill who wrote (27586)	7/30/1999 7:13:00 PM
From: DownSouth	Read Replies (1) \| Respond to of 74651

AG is not managing "events". He is managing "trends". A company watches its own demand and inventory. AG watches the aggregate growth and inventory. Would the market correct itself? Yes, and if the market was "perfect" and completely "free", then we would not need regulation of the money supply. But the market is not. Regulation of the money supply smoothes out the curves. I think it works, if the man at the throttle is smart, experienced, works hard at listening, has good intuition, and jawbones, as well as pushing and pulling on the brakes. AG uses the threat and bias to telegraph to the market his perceptions about what is going on and the the market (bond rate) reacts without his doing anything at all. He has become at artist at that. I admire him for it--no surprises and a smooth ride. These market swings we have today are nothing. A move of 200 points with an 11,000 index is less than 2%. A few years ago a move of 200 points with a 5000 index was 4%. I think we lose that perspective.