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To: Harry Landsiedel who wrote (103129)	5/3/2000 8:29:00 PM
From: Road Walker	Respond to of 186894

Harry, re: "But if you believe inflation is a monetary phenomenon, then this means the Fed made an error by pumping too much money into the economy a year or so ago." In the short term, maybe. In the longer term I think the fundamentals of the cost of producing a product per employee, or productivity, will be more important than the artificial economic manipulation of monetary policy. JMHO. I think the real question is, where are we in this historic change in the relationship between cost of goods sold & overhead, and selling price. Profit growth for US corporations have been on an fantastic run, and this quarter has continued the trend, in spades. The government reports seem to suggest that the situation is changing. Is this a temporary blip or a change of trend? I don't have a clue. Stay tuned. John