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To: jhg_in_kc who wrote (32954)	10/26/1999 5:52:00 PM
From: jmac	Read Replies (1) \| Respond to of 93625

Because Greespan wants the market to either go down slowly or stay where it is for a year or so. The only way he knows that he can cool the economy is by slowing the growth of the market. The wealth effect has changed the consumer's spending habits. The only way to cool spending is to cool the market. Interest rates aren't doing it. .25% here, .25% there. Nonsense. That's why. And, as long as the fed desires the market not to go up, the huge amount of cash on the sidelines will remain on the sidelines no matter how good the news is for individual companies. Ain't life a bitch.