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To: Mark Fowler who wrote (94190)	2/20/2000 4:44:00 PM
From: Skeeter Bug	Respond to of 164684

>>Most folks' investments are in retirement assets and thus do not effect spending and the majority of Americans have little wealth, but account for the bulk of everyday spending.<< if folks don't have much money, then the negative savings rate becomes even more scary... the fed targets stocks for appreciation and few argue. the fed targets stocks in word (but not in deed by a long shot) and folks are dumbfounded. don't believe for a minute that stocks reached this level w/o fed manipulation. it most assuredly DID NOT "just happen." who grew the money supply at 20% annual rates in q4 99 that corresponded with the HUGE market run up? the fed. y2k was the excuse. now the fed won't even take it back b/c he's scared what will happen if he isn't manipulating the money supply and credit.

To: Mark Fowler who wrote (94190)	2/20/2000 6:23:00 PM
From: Glenn D. Rudolph	Respond to of 164684

lenn competion is good and margin's grow lower because of it, nevertheless, this is good for the consumer. The internet is changing business and the economy by making available information that's usually more timely and accurate. Mark, I agree and suspect I did not explain myself well. I am going to email you an occurance that happened this week in my industry that woould never have happened without the net and more importantly, I would never have known about it either. The net, which vastly disseminates information, leaves few secrets undiscovered. Why the Fed wants to target the so-called "wealth effect" is beyond me----I don't believe in it. Most folks'investments are in retirement assets and thus do not effect spending and the majority of Americans have little wealth, but account for the bulk of everyday spending. You are 100% percent correct. Rate increases targeted at the phantom known as the "wealth effect" is like beating a dead horse (the majority of stocks) and only will be looked back on in the future as a mistake which could cost the government and the people much more to make up for the lost retirement savings. Think about it. I agree particulary since I plan partial retirment in about seven years.