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To: JSB who wrote (15753)	2/13/2000 4:31:00 PM
From: Dale Baker	Respond to of 118717

Barrons uncovers the real culprit behind the denial of service attacks. This is just too funny for words... "You can readily understand the frustration that provoked Greenspan & Co. to such outrageous but indisputably necessary action. They'd had it up to here with all that sass about bubbles. But they were even more fed up with the feeble results of all their worthy efforts to hose down the speculative heat in the Street. Just how futile those exertions proved is laid out in painful detail by Jim Stack, the estimable proprietor of InvesTech Research. The record as compiled by Jim dates back to last June; it encompasses each fateful Fed meeting since, and the response by the Nasdaq: June 30 Raised fed funds by 0.25% . Nasdaq +7.4% for the week Aug. 24 Raised fed funds and discount rate by 0.25%. Nasdaq +4.2% for the week Oct. 5 Shifted to tightening bias. Nasdaq +5.5% for the week Nov. 16 Raised fed funds and discount rate by 0.25%. Nasdaq +4.6% for the week Dec. 21 No action. Nasdaq +5.8% for the week Feb. 2 Raised fed funds and discount rate by 0.25%. Nasdaq +9.2% for the week As Jim points out, the latest hike, earlier this month, produced the greatest weekly percentage gain by the Nasdaq index in over 25 years. And of course, after retreating 60-odd points on Wednesday in its initial reaction to the Website raids, Nasdaq came back smoking on Thursday, soaring 122 points to yet another all-time peak. Our hearts go out to Mr. Greenspan and his frantic cohorts. This latest disappointment has pushed them clear over the edge. They've succumbed to thinking the unthinkable and resorting to the most desperate last-ditch measures. So, Nasdaq beware. Word is, they've sent out an urgent call for Dr. Strangelove. (Which may explain Friday's little rout.)