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To: H James Morris who wrote (80789)	10/15/1999 10:56:00 AM
From: Bill Harmond	Read Replies (2) \| Respond to of 164687

Here's the complete text. I don't see the why the big deal. federalreserve.gov

To: H James Morris who wrote (80789)	10/15/1999 11:00:00 AM
From: Mark Fowler	Respond to of 164687

Read the whole speech here: bog.frb.fed.us Excerpt: "As I have indicated on previous occasions, history tells us that sharp reversals in confidence occur abruptly, most often with little advance notice. These reversals can be self-reinforcing processes that can compress sizable adjustments into a very short period. Panic reactions in the market are characterized by dramatic shifts in behavior that are intended to minimize short-term losses. Claims on far-distant future values are discounted to insignificance. What is so intriguing, as I noted earlier, is that this type of behavior has characterized human interaction with little appreciable change over the generations. Whether Dutch tulip bulbs or Russian equities, the market price patterns remain much the same. "