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To: red_dog who wrote (58607)	8/31/1999 2:48:00 AM
From: red_dog	Respond to of 120523

smartmoney.com August 30, 1999 4:44 PM FDA Approves First Urine Test for Early Pneumonia Detection WASHINGTON -(Dow Jones)- The Food and Drug Administration said Monday it approved a first-of-a-kind laboratory urine test for the bacteria that causes pneumonia. The 15-minute urine sample test for Streptococcus pneumoniae, made by Portland, Maine-based Binax Inc., will reduce by days or even weeks the time it takes currently to diagnose the disease using blood or sputum sample tests.

To: red_dog who wrote (58607)	8/31/1999 2:49:00 AM
From: red_dog	Respond to of 120523

smartmoney.com

To: red_dog who wrote (58607)	8/31/1999 2:51:00 AM
From: red_dog	Respond to of 120523

smartmoney.com August 30, 1999 7:43 AM Forstmann Little Confirms $1 Billion Investment in McLeodUSA

To: red_dog who wrote (58607)	8/31/1999 6:43:00 AM
From: lee kramer	Read Replies (2) \| Respond to of 120523

Robert: Not so sure we have to agree with Mr. Greenspan. Using your example of P&G; if they raise prices this is not inflationary...rising prices are not inflationary. Rising prices are the consequence of prior inflation. And inflation comes from one place: government, which introduces globs and globs of "new" money into the economic stream. The key indicator nobody seems to be watching is money-supple growth. Say you're playing Monopoly one rainy Saturday with 5 of your friends. Everybody has $10,000 at the start of the game. There are 50 "properties" on the board. With $50,000 available and 50 properties the "average" price that can be paid per property is $1,000 ($50,000/50). Sure, some properties will go for more, some for less...but the general level of prices will be $1,000/property. Now if one of your friends shows up at the game with another $30,000 in monopoly money (culled from his game at home) tucked surreptitiously into his pocket, he can, by introducing this $30,000 into the game, lift the general level of prices...that is, he can cause inflation. And rising prices for properties on the board are the consequence, the result, of his inflation of the money-supply. (Lee)

To: red_dog who wrote (58607)	8/31/1999 7:59:00 AM
From: HeatherN	Read Replies (1) \| Respond to of 120523

Robert, Althoug I generally agree heartily with your analysis, I must offer a different viewpoint re: AG and your P&G example. If a product based company (as opposed to a service based company) experiences a setback in one area of the world or in one product line they have several options to maintain revenue. Increasing prices is only one avenue and it is difficult to maintain consumer loyalty in with a significant price increase. P&G does not offer unique products... consumers may choose other brands. A second option is to increase market share in areas where it already maintains a presence or it can seek out new markets. New markets may occur either geographically or, by offering a new product in the same geographic areas. Mature companies, especially those that are "goods" oriented rather than "information" oriented may find it difficult to grow using either of these methods. Most of the rapid growth we are seeing in the largest of the large caps are in areas of technology and information based services...IBM, AT&T etc. It is unclear to me at this time whether or not AG is protecting us from irrational exuberance or just not fully appreciating the new economy. Time will tell. Heather