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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: lorrie coey who wrote (73729)	1/16/2000 12:44:00 PM
From: Tommaso	Read Replies (2) \| Respond to of 132070

What I don't understand is why farmers are willing to work so hard to feed the rest of the population so cheaply, and why the Chinese keep making shoes for us. To say that is to resemble the foolish hunting companion in Anna Karenina who kept wondering out loud why the peasants worked so hard while he did nothing. A few decades later the same thought occurred to millions of other people in Russia. I can understand why Bill Gates is rich. He did what it took to make computers work and then charged a low enough price for it that only one other operating system survived. He outdid Henry Ford. But that so much wealth should (at least temporarily) flow into the hands of all these money-losing ventures can only be explained as the willingness of the Federal Reserve to sponsor the biggest speculative binge in history. And they aren't even making money on it. It is the purest kind of unselfish stupidity.

To: lorrie coey who wrote (73729)	1/16/2000 1:29:00 PM
From: Tommaso	Read Replies (1) \| Respond to of 132070

Just checking to make sure I was not exaggerating, and I see that the various money supply measures increased at the end of 1999 at a rate about 60% higher than the already extraordinary increases of late 1998. November/December seasonally adjusted increase of M3 was about $110 billion. That works out to about $500 in increased credit in one month for every person in the entire United States. Hello, hello! Politicians, economists, bankers, anybody!