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To: DMaA who wrote (26562)	8/6/1999 11:40:00 AM
From: MulhollandDrive	Read Replies (1) \| Respond to of 93625

>>We both agree the productivity figures are bogus but it's all Greenspan has to work with. << Absolutely. I think that AG wants to believe that rising ECI numbers aren't really inflationary and the only weapon he has to counter that notion are the bogus productivity numbers. Even if you make the argument that corporations can't make price increases "stick", which has been the case and supports the "no inflation" argument, I just can't see how it will ultimately be good for corporate earnings if they are caught between higher labor costs and lack of pricing power. Now you're getting into a situation where margins could be reduced and earnings losing momentum. bp