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To: Rarebird who wrote (38100)	7/31/1999 8:16:00 PM
From: Richnorth	Read Replies (1) \| Respond to of 116795

Thanks for posting the Garzarelli-Kangas interview. Pardon my asking. But how did you do it? Transcribe by hand from recorded video or memory, or download from some source? If my memory serves .... yesterday, during the first hour on CNBC, Elaine Garzarelli was interviewed by Tyler Mathison, Erik Gustafson and Joe Kernen. She said pretty much the same things. But she also recommended selling heavy machinery stocks as the economy would be slowing down. What is interesting is that while her (10-year bond yield/earnings) ratio indicates the S&P was OVERVALUED by 30%, her (inflation rate/earnings) ratio indicates the S&P is UNDERVALUED by 15%. She also said that real rates should be lower due to the surplus and even if inflation goes up to 2.5% as compared with the present 1.6%, long bond rate should be ~ 5%.