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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: Lee who wrote (28508)	8/31/1999 9:42:00 PM
From: WTMHouston	Respond to of 50167

Lee: A very good piece of work. That said, even if AG did not say that equity prices were too high, either expressly or by implication, I bet that he was not too unhappy to see them somewhat tempered. Even though I understand it, it still amazes me that the market rallied into and immediately after the rate hike. Truly, something that is not often seen. It is almost as though the market was flaunting its power in AG's face. It also confirms, to some extent, my perception that, lately, AG is reacting to the market's perception of what he will do, rather than acting based on sound or traditional monetary policy. Troy