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To: Bill Harmond who wrote (91049)	1/14/2000 5:28:00 PM
From: fedhead	Read Replies (3) \| Respond to of 164684

The NAZDAQ rose up on impressive volume. The banks were up, the techs like Intel, AMAT all broke out on very high volume. Do you think that money is rotating out of the Internets, and B2Bs into the so called "old tech" in which case the bull run could continue as the internets digest their gains while MSFT, INTC , SUNW etc push the NASDAQ higher. Thanks Anindo

To: Bill Harmond who wrote (91049)	1/14/2000 10:02:00 PM
From: Victor Lazlo	Respond to of 164684

<<The way Alan Greenspan put it, the wealth effect from the stock market is causing consumption at a higher rate than productivity alows for.>> The way Alan Greenspan put it, there is "irrational exuberance" in the stock market. That was what, about 3500 Dow points ago, William? The Fed's measurements of productivity have always been seriously flawed. Seriously flawed. Woefully defficient to say the least. William, do you remember Alice Rivlin, fmr Vice Chair of the Fed? She was lots smarter re contemporary econ than Al, IMO. Alice Rivlin said the Gov's measurements of productivity were a disaster, measuring productivity gains far short of reality. Private econ stats show without doubt that she was right. Alice has gone back to private banking now, and with good reason! Victor

To: Bill Harmond who wrote (91049)	1/14/2000 11:24:00 PM
From: dclapp	Respond to of 164684

>> The way Alan Greenspan put it, the wealth effect from the stock market is causing consumption at a higher rate than productivity allows for. that's exactly well said -- and the Fed will attend to that problem. the market doesn't believe it, but when the Fed and the market play chicken, the Fed wins. what's the thread lingo? Trust me on that? :-)

To: Bill Harmond who wrote (91049)	1/14/2000 11:35:00 PM
From: Randy Ellingson	Read Replies (1) \| Respond to of 164684

The way Alan Greenspan put it, the wealth effect from the stock market is causing consumption at a higher rate than productivity allows for. This is interesting. At first thought, I wouldn't believe it. However that's probably because I'm used to thinking about consumables produced using scalable modern automation techniques. What types of items would you point to as bound for limited supply? I can think of homes (likely?), automobiles (not likely, I'd guess). Food and clothing would seem to be OK. Digital cameras and printers would be OK, I'd think. Raw and building materials perhaps? Randy