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To: Jerry Miller who wrote (75635)	8/28/1999 4:01:00 AM
From: John Chen	Read Replies (1) \| Respond to of 164687

JM,re:"AG threat". It's reality, a hint dropping. No inflation, eh. No wage increase, eh. Most salary increased 20-20000% just because of the stock price. Want to buy asset (house/stock) with no increase? I know I won't get it. Is this a zero-sum game? If interest goes up, corporate profit goes down because of borrowing cost. Where did the 'cost' go to? So the one lending makes the 'better profit', it's still in the system, isn't it? Every time a layoff comes, to cut the 'cost'. The stock goes up. So the 'cost' shift to the 'stock holder' and the CEOs and with some luck, the comsumers get some benefit. Now the Fed has to keep pumping money to keep people happy because Stock/Assets cannot go down. This happened in Taiwan a few years back that people didn't like it when the market crashed and 'PROTESTED' on the street asking the government to HELP the STOCK PRICE. The government did something but eventually the market took care of itself, DOWN,still down. Want to buy a old house with OLD price! You still can do it in Taiwan. Of course, US is different. I agree, we are. We have much better salesmanship, starting at top of the government. I had a glimpsed on TV when AG walked away from the meeting. He was not happy. I think he is not happy because he is losing control and sees things are starting to lose control. Nobody knows when is enough (to retire). The 'financial industry' keep telling you will never have enough to live. The Fed has to keep 'SOME INFLATION LOW' and keep the 'OTHER INFLATION HIGH' (assets). Tough job. AG is a smart man in financial. But he needs to study philosophy and history more and be happy. Life/human cycle goes thru UP/DOWN, it will be taken care of NATURALLY. Enjoy it and be happy while it lasts and you are on the right curve at the right time/place. One can only control/delay the eventual outcomes. It(CYCLE) will come. With 50% asset allocation in stock, I know I am always 1/2 happy and 1/2 unhappy. Life is tough. I kept telling my wife to annutize enough and be happy with it instead of riding the up/down. I believe when that 'moment comes' (enough is enough), the market will take a hit. But with the salesman/woman we have in this country, nobody has enough of anything. Maybe the bubble will keep growing forever.

To: Jerry Miller who wrote (75635)	8/28/1999 10:57:00 PM
From: Victor Lazlo	Read Replies (1) \| Respond to of 164687

Jerry- A neighbor told me today he thinks that Greenspan doesn't get much criticism, and seems to enjoy a high level of respect. I told my neighbor that nobody understands anything Greenspan says, so they have no reason to criticize him! In seriousness, there are always potentially troublesome indicators Al can point to to justify a rate hike bias, but I often think he is really just trying to keep large investors and borrowers cautious. If he came out and said that we have a new economy and everything is great, can you imagine the level of stock inflation and speculation that would ensue? victor