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To: Frank Ellis Morris who wrote (32193)	5/22/2000 11:24:00 AM
From: JDN	Read Replies (1) \| Respond to of 64865

Dear Frank: While I never agreed to rate increases at all, I could live with gradulism cause it gave all the MANY intereactive forces time to absorb it all. Now that the FED seems to be indicating they are DESPERATE and the media is shouting 1/2 pt increases everyone and everything is heading for the hills. I happen to be on the Board of Directors of a Bank, and I can tell you these NEW rate increases has everyone being VERY careful as to what they do with CASH. IMHO the FED is now OUT OF CONTROL and reacting to what they read in the papers and not what is the facts. I just hope that somehow, someway AG can be put in a cage somewhere. Maybe this will spell the end of the FED as we know it ultimately. Most people today have their life savings in the market. I dont think they appreciate some old fart worried about THEM becoming wealthy. If he triggers a serious recession somebody's going to have to answer to that, and unfortunately it wont be him as he isnt elected. JDN