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To: pater tenebrarum who wrote (68855)	10/14/1999 1:28:00 PM
From: clochard	Respond to of 86076

Look at some long term charts, they show the Dow trading in some pretty tight ranges over many years. As long as there's something in it for them, Wall Street will inject billions to keep this sucker alive. J6P will play along and keep putting in money as well, negating all the negative fundamentals, except in real terms Dow 10,000 will be worth a lot less in ten years from now.

To: pater tenebrarum who wrote (68855)	10/14/1999 1:56:00 PM
From: Ken98	Read Replies (1) \| Respond to of 86076

Heinz, have you noticed the blizzard of doveish statements out of the Fed the last 2 days: <<Turning to the performance of the U.S. economy, Boehne said it was ``remarkable' that inflation remains so low at a time of strong growth and low employment.... Boehne said the Fed still was not sure whether the low inflation of recent years was due to temporary factors like commodity prices and the dollar or more permanent changes like higher productivity.``I think that it is looking increasingly as though it could be attributable to more permanent factors,' he said. ``But on the other hand these temporary factors are still at work.'>> [Philly Fed, Thurs.] <<``Nationwide, we've seen a rare combination of robust growth and both low inflation and low unemployment during the past few years,' Moskow said.``Moreover, our outlook for this year and the next is quite optimistic. We expect growth to moderate but to remain quite good,' he added. A prepared text of Moskow's speech was made available to reporters in advance of delivery.>> [Chicago Fed, Wed.] <<The lone dissenting policymaker against the last two U.S. Federal Reserve interest rate increases, Dallas Fed chief Robert McTeer, on Wednesday defended his view that technology was driving a new era of low- inflation economic growth.``I'm happy with the term 'new era',' McTeer told a seminar on rural development hosted by his Dallas Federal Reserve Bank....``But the microprocessor is not going away. The microprocessor is changing everything,' McTeer told a seminar on rural development hosted by his Dallas Federal Reserve Bank.``Computers and computer chips that are proliferating in everything are adding brain power to the new information economy in much the same way that electricity added brawn to the industrial revolution,' he said.>> [Dallas Fed, Wed.] To follow McTeer's logic, the inclusion of electricity in the early part of this century would have avoided the Great Depression. Do these guys really believe this cr*p? To completely ignore asset prices and debt levels at this juncture and talk about some sort of "New Era" is both arrogant beyond belief and in reckless disregard of the Fed's legislated mandate.