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To: bela_ghoulashi who wrote (10064)	3/30/2000 11:28:00 PM
From: bela_ghoulashi	Respond to of 35685

Greenspan pleads innocent (from the Yahoo RFMD board): WSJ - Friday AM by: txbanker23 (33/M) 3/30/00 11:05 pm Msg: 21905 of 21910 March 30, 2000 Greenspan Says Fed's Interest Isn't in 'Jawboning' Stock Market Dow Jones Newswires WASHINGTON -- Federal Reserve Chairman Alan Greenspan denied that the U.S. central bank is attempting to talk down the country's high-flying stock market, saying the Fed is simply worried that the country's rapid economic growth may stoke inflation. "The Federal Reserve is not 'jawboning' the stock market or targeting stock prices," Mr. Greenspan said in a March 29 letter to Rep. James Leach, the chairman of the House Banking Committee. "Rather the Federal Reserve is concerned about imbalances between aggregate demand and supply and their implications for inflation and thus sustainability of the expansion." Mr. Greenspan, who was responding in writing to questions lawmakers posed to him during his semi-annual Humphrey-Hawkins testimony to Congress last month, said the Fed thinks the "sharp increase in equity valuation appears to have been an important factor behind an apparently developing imbalance" in the U.S. economy. But he suggested the Fed isn't inclined to raise margin requirements to curb the rise in stock prices. "With regard to margin requirements, studies suggest that changes in such requirements have no appreciable and predictable effect on stock prices," Mr. Greenspan said. "Nonetheless, the Federal Reserve recognizes that considerable risks can be involved in the purchase of equity on margin, especially in volatile markets, and believes that lenders and borrowers need to assess carefully the risks they are assuming through the use of margin." Mr. Greenspan also said changes in Fed policy in the short run don't have a "significant effect" on stock prices. "Our operating procedures ... do tend to smooth short-run fluctuations in short-term rates," he said. "However, the risks of investing in equities come primarily from uncertainty about future earnings and about the longer-term interest rates at which those future earnings should be discounted, and not mainly from the possibility that the short-run cost of financing stock positions could increase," he said. "Consequently, even if our operating procedures were associated with somewhat larger movements in short-term rates, I doubt that investors' perceptions of equity risks would be much affected and thus that equity prices would be significantly influenced." The central bank has already raised rates twice this year, in February and last week, following three rate increases in 1999. The higher rates are intended to slow the sizzling economy to a more sustainable pace and keep inflation under control. Mr. Greenspan also denied that the Fed has intervened in the gold market to affect prices there. "I don't know if I will be able to end speculation about U.S. involvement in the gold market, but I can unequivocally say that the Federal Reserve Bank of New York has not intervened in the gold market in an attempt to manipulate the price of gold on its own behalf or for the U.S. Treasury or anyone else." --------------------------------------------------------------------------------

To: bela_ghoulashi who wrote (10064)	3/30/2000 11:41:00 PM
From: Jim Willie CB	Read Replies (2) \| Respond to of 35685

I see nothing contraindicative in Tiger Value Fund death like trying to say departure of top Digital VP's from 1987-1989 was a capitulation that would mark the rebirth of Digital's fortunes capitulation by the most naive retail investors is a bullish contrary indicator death of a Value Fund is the beginning of a steady stream of similar disappearing acts owing to inane, myopic, hidebound, ill-advised, stupid management that represents a climate change hemorrhage value approach has essentially been saying... "dont confuse me with all that growth.. I dont understand it, therefore I will not bid for it" or "I dont speak German, therefore nothing German is worth valuing" see Beethoven, Neitzche, Einstein, Liebnitz, Jung or worse "man was never meant to fly" see airplane, jets, rockets, moonlanding Value Investing was valuable for a long while during an era that sorely lacked strong revolutionary growth like most revolutions, the weak elements get swept out Darwinism destroyed Tiger, and Darwin aint done swiping ****** man, you gotta change your name "Bland & Marvelous" is really off the bathroom wall of a gay bar in Boston / Jim