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To: William Harvey who wrote (52687)	5/13/2000 11:09:00 PM
From: LLCF	Respond to of 116762

<it sure takes the fun out of being a good scout to see all your grain end up in the hands of the Marxist militia. > The government gives it away because there's way too much around anyway. If people start to eat organic, local, sustainable farm products U.S. farm jobs will explode again, as will the quality of our produce. Lots of our food sucks anyway, so I say give it to the Marxists! <It would also seem that the real test of the internet's efficacy is whether it creates accessibility without the location, location, location. > People will always want to live in the best places... buy mountain acreage and oceanfront till you head caves in IMO. The internet is going to make the best property explode even more as the movers and shakers can live where ever they want. As for commercial property, the price of REITS tells me that the market is already assuming that lots of office and retail space will eventually be toast, or at least face stiff competition. As to your concerns about home prices in general, I believe AG will be addressing that issue at the next fed meeting by raising rates. :) DAK

To: William Harvey who wrote (52687)	5/13/2000 11:38:00 PM
From: Hawkmoon	Read Replies (1) \| Respond to of 116762

The big question is whether AG prefers to own or rent. <g> I think that he and Andrea prefer to rent. They live in the Watergate Hotel complex... :0) (along with Bob and Liddy Dole) As for the real estate issue, that is a matter of the wealth created and I think there are more distortions created by excessive non-qualified options issuance (which then winds up as consumer spending on luxury items and fancy homes), than price increases in a real estate market that has been stagnant for the past decade in most parts of the US (at least here in the DC area that was the case until 4-5 years ago). But hey.. we still have some way to go before Seattle or Palo Alto's real estate value equals the entire value of all property in Japan (as was the converse for the Tokyo market at the height of their bubble). The Fed's job is not to judge when asset prices are too high, regardless of whether or not they are stocks or real estate. The Fed has a notorious reputation for screwing things up when they start targeting the stock market. The real problem is that the US economy is strong and producing discretionary income that is going into 401K and IRA's, as well as street accounts and there ARE FEW PLACES SAFE ENOUGH TO INVEST THAT MONEY. The US is the only safe harbor and thus the rest of the world lanquishes because their markets are not as efficient or corruption is rampant. Money will migrate where there is the best chance of financial gain. The problem is the rest of the world, not the US. They simply cannot bring themselves to create the conditions to where US capital can be deployed to their markets. In fact, just the opposite has occurred. Foreign capital is coming here looking for a safe harbor from their own national problems or currency fluctuations. Until the world gets its financial and economic house in order, the situation will remain the way it currently is. The money from retirement funds will continue to flow each and every quarter into the US market. The next one is in July and will fuel a summer rally beginning in June. Regards, Ron