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To: Tom Kearney who wrote (103557)	5/18/2000 7:51:00 AM
From: Glenn D. Rudolph	Respond to of 164684

This is my fear, too, tho I would amend 'dot com mania' to 'participants in the great bull market'. I am particularly disturbed that employment is being targeted by the Fed, seemingly. The benefits to society of full employment are numerous and substantial. The most striking may be the drop in crime we've seen going on 8 years, now. Tom, Your wording is far better and is what I was thinking but not how I said it<G> Employment is the key or at least one key to a far better society and that is what ends up being the target and I believe is intentially the target by the Fed. Tight labor markets concern them. The drop in crime is due to a better employment situation that has gone on for eight years as you stated. Many people in general are happier just having the feeling of needing to go to work in addition to the paycheck. Do you base your opinion on the slowing economy based on experience with business in your area (Erie, PA, I think - I'm Cleveland, OH originally)? If so, where do you see it? I am basing my opinion on a recent (last sixty days) reluctance of the consumer to make larger purchases both due to higher interest rates and concerns about job security. Yes this is from my business and my market is all in Northwest PA from Sharon, PA north to Erie, PA. I have never had a presence in Cleveland but that is a small issue to this conversation<G>. I can tell you that my customers as a rule have their income based on their paychecks. These are white and blue collar workers that have not benefitted to a large extent by the great bull market. Glenn