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To: Jon Koplik who wrote (70752)	4/17/2000 1:08:00 PM
From: Maurice Winn	Read Replies (1) \| Respond to of 152472

Jon, I agree that interest rates are the arbiter of stock prices. But only in the short run because the real arbiter of a stock price is the earnings of a particular company. In the long run, the interest rates are at the level determined by life expectancy and the risk of not getting to spend your money, [inflation stuff aside...add on the rate of inflation for what people will charge to lend their money]. Those long run interest rates seem to be somewhere between 3% and 7% [plus inflation] and dependent on taxation too! Okay, I agree on the 'intellectuals' are pessimists as applied to registered university types [going along with wild generalisations]. I wondered [before I wrote my rant] whether he really meant university types because they are. So are many socialist-minded people. It's an inherently fearful concept "If I hide in the crowd and have Mummy government do things, I'll be safe from the bogey-monster". University types [here and many places] are really government department sinecure holders who want safety and a cushy number. They are sort of intellectual, but I think Irwin and the like are more intellectual and ENJOY the 'unknowable', and challenging, such as breaching the laws of physics with CDMA. The idea that failure is easier to understand and therefore more attractive to the 'intellectual' is perverse. Intellect and curiosity seeks, not avoids, challenge. Anyway, who gives a rat's? Here's a more important problem...message 16210 clubs.yahoo.com Mqurice [Awake at 5am looking for silly bargains...none around...now...]