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To: William Harvey who wrote (52745)	5/15/2000 6:09:00 AM
From: Don Lloyd	Read Replies (1) \| Respond to of 116895

William - [...Question: If I were reporting quarterly, would I pay taxes April 15 on the gains I made in the fourth quarter of 1999, or the first quarter of 2000?...] Presumably, the 4th quarter payment would be due at the January payment date and the 1st quarter payment would be due at the April 15th payment date. Regards, Don

To: William Harvey who wrote (52745)	5/15/2000 9:48:00 PM
From: William Harvey	Read Replies (1) \| Respond to of 116895

Of course, the drop in the retail sales figures for April was the 'Poverty Effect'. Greenspan estimates that 3 cents for each dollar made in the market generates into immediate retail sales, therefore 3 cents less is spent on retail sales for every dollar lost in the stock market (some would put the figure at twice as high when stocks are down - in other words, the poverty effect is twice as strong as the wealth effect). At any rate, a LOT of money was lost in April, accounting for all the decline in retail sales via the poverty effect and since the market hasn't bounced back much, there may be a continuing tightening of the pursestrings over these next few months.