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To: Sarmad Y. Hermiz who wrote (103516)	5/16/2000 8:49:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

Sarmad: The Fed created a stock market bubble with too much liquidity coming out of the Asian crisis and on into y2k. Inflation has been tame in many sectors, but the financial asset bubble threatened to spill over into the real economy. Do you remember when people on this thread said the Fed would just take back the three 1/4 points and then rest? Ha! This is a mopping up operation and when it is over the markets will be much lower and growth will be much slower. Recession? Sure, it is possible. That is the price you pay for having a bubble. Denying the existence of a bubble is not the answer. We will be probably avoid a crash -- except in the overvalued "new economy" stocks where a crash is probably both unavoidable and healthy for the economy as a whole.

To: Sarmad Y. Hermiz who wrote (103516)	5/16/2000 9:03:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

Popping the stock market bubble without wrecking the economy will go down as AG's greatest achievement -- if he can pull it off.