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To: Giordano Bruno who wrote (59153)	8/28/1999 7:37:00 PM
From: yard_man	Read Replies (2) \| Respond to of 86076

I have no idea why he should start talking about earnings, if that's what you mean. He has been so unconcerned up to now (or seemingly so). I have no inside track or insight into how people like Greenspan think. I would feel better if he was unqualifiably bullish. Obviously, he knows it is a bubble, but he probably doesn't connect any of it to the Fed's prior policies -- seems like he is completely focused on the future. I remember reading over 3 years ago how concerned Greenspan was with the price of commodities, in particular gold, as he contemplated interest rate policy -- because he felt moves in gold were an early baromoter of inflation and that he took cues from the same. Now since that time we have seen a very large increase in paper trading which is linked to the price of gold or so I have heard -- if you read Magner's posts -- he loves to post Greenspan's earlier statements in which Greenspan spoke of a gold standard as a protection against the confiscatory nature of the typical inflationary policies of central banks. I guess all I am trying to say is his comments now seem to be a marked change from the status quo, but he is apt to speak out of the other side of his mouth tomorrow. What the bulls can't escape is another rate increase. No way he is done for the year, unless there is some huge crisis that he can cite to fall back on. That's my take, but as I said, I have no idea what makes the man tick. He says a lot of stuff that can be taken a hundred different ways -- perhaps he missed his true calling: he should have been an attorney or a politician ( what am I saying? He certainly is a politician -- moreso than any fed chairman has been to date perhaps) Who remembers a chairman of the fed getting so much attention before?