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To: Bobby Yellin who wrote (39025)	8/15/1999 8:39:00 AM
From: Rarebird	Respond to of 116897

Some Quotes From Professor J K Galbraith, 1999 "We have far more people selling derivatives, index funds and mutual funds than there is intelligence for the task". "When you hear it being said that we've entered a new era of permanent prosperity with prices of financial instruments reflecting that happy fact, you should take cover". "In the late Twenties it was impossible to read any discussion of the economy without encountering the new paradigm, namely radio and electronic communications. One should read about that before putting too much emphasis on the computer world as the new paradigm".

To: Bobby Yellin who wrote (39025)	8/15/1999 9:45:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116897

Investigative Report Examines Silicon Valley Wealth A Two-Part Series, 'Money, Money Everywhere ... So Why Don't You Feel Rich?' And 'Green With Envy' Focuses on How an Explosive Economy Has Altered Lifestyles in Silicon Valley and the Effects on Ordinary Families SAN JOSE, Calif., Aug. 15 /PRNewswire/ -- The Mercury News will run on Sunday, August 15th an eye-opening two-part series on the phenomenal wealth being generated in the Silicon Valley and its effects on the average family. Michelle Quinn and Jennifer La Fleur report on how the booming high tech industry has created an unprecedented concentration of wealth. The series looks into the high cost of living and rising real estate prices through in-depth interviews with residents by examining their salary levels and lifestyles in comparison with the rest of the nation. Interviewed for the series, former Sunnyvale resident Sofi Frankowski, now living in Raleigh, North Carolina states, ''It's like someone plopped Wall Street in the middle of Silicon Valley.'' Partial research findings highlighting wealth distribution: * Employees of just 15 Silicon Valley companies are sitting on a combined $43 billion of potential wealth in unexercised stock options - $16 billion of which can be reaped immediately. * One of the most aggressive estimates says that 65,000 Santa Clara County households -- 1 in 9 -- are worth more than $1 million, not including the value of their homes. * At least 13 residents in the valley are billionaires from stock holdings, worth at least $45 billion combined, and several hundred are worth $25 million or more. * 1,000 local Cisco Systems employees -- about 1 in 10 of the company's local workers are millionaires from company stock. Partial research findings affecting average family: * "Middle class" takes on a new meaning in the Silicon Valley. Thirty percent of the county's households have incomes between $75,000 and $150,000, compared with 15 percent nationally. * Santa Clara County ranks first nationally in household debt. * Twenty-nine percent of Santa Clara County households can afford the median-priced home, far below the national rate of 55 percent. * Fifty-nine percent of county households own their own homes, one of the lowest ownership rates in the nation. The San Jose Mercury News, known internationally as the newspaper of the Silicon Valley, has received wide recognition for its award-winning journalism, particularly for its high technology news and analysis. The Mercury News has won two Pulitzer Prizes and maintains five bureaus, including the first permanent post-war bureau in Vietnam, and offers a range of products beyond the flagship newspaper including the Mercury News' pioneering online edition, Mercury Center (www.mercurycenter.com). Mercury News also publishes the Spanish-language weekly Nuevo Mundo and the Vietnamese-language weekly Viet Mercury. Founded in 1851, the Mercury News is a Knight Ridder company. SOURCE: San Jose Mercury News -------------------------------------------------------------------------------- Related News Categories: publishing -------------------------------------------------------------------------------- biz.yahoo.com