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To: Hank Stamper who wrote (10694)	6/1/2000 3:24:00 PM
From: blaireo1	Respond to of 24042

Some good volume today with 40 minutes to go. <21 million with a new high of 99ish. Maybe this is going to hold up today... then again it's amazing what 15 minutes can do! Hoping for an ETEK announcement this evening. That would certainly make for a nice day! Cheers! Blaireo

To: Hank Stamper who wrote (10694)	6/1/2000 3:36:00 PM
From: Tunica Albuginea	Read Replies (3) \| Respond to of 24042

David I will try <vbg> to agree more with you in the future. For now let's look at your points: employment cost pressures I believe this will be relieved by retirees working. This was not the case in 94 and so that is a significant difference Retirees must work to pay the giant debt they have stuck the Nation with ( variously called National Budget Deficit; Medicare; entitlements; it's all the same shebang: forced charity enforced by our beloved IRS and Congress; off with their heads (IRS & Congress ) [as the Cheshire Cat said in Alice in Wonderland ] the tired US taxpayer is saying now ). we were not fighting record valuations in 94 (also known as " Irrational Exuberance ) Well..........I'd say, the Naz ( where Irrational Exub. resided ) went to Weight Watchers and has had a BIG weight loss, something like 40 -50 %. In fact many of those " Exuberettes ", lost 90% ++ of their weight; they are sitting at less than $10/share; if they lose more weight they will risk dying of Anorexia Nervosa; and to add insult to they may even be " delisted " from the Naz. to injury Finally, David: One BIG difference between now and 1970, 1978 (Jimmy ), 1990(Bush) is that in those times Government was putting daily weight ON and growing FASTER than GDP!!! . Ronnie took care of that: He sent it to weight Watchers and so the food that that monster was eating daily is now being given back to the previously starved ( and unemployed ) blue collar worker. HE/SHE is YOUNG and HEALTHY and much more able to put MUSCLE WEIGHT on and grow stronger than A FAT and LAZY Bureaucrat ( Disclaimer: Not ALL bureaucrats are fat and lazy ). Bottom line: We got room to grow. Just don't print too much money.One way to do that is to cut the monthly Interest payments on the National Debt: Bush's plan will achieve that by paying down the National Debt with the Budget Surplus. TA Message #10694 from David Todtman at Jun 1, 2000 11:13 AM ET Excellent point (market began up prior to the end of Fed tightening). The stock market is a leading indicator. However, we still have a lot of pent up employment cost pressure at this juncture. If I recall correctly, the opposite was true in 94. Employment cost pressure takes a lot more time for Fed tightening to release--way more than, say, auto sales. Furthermore, we were not fighting record valuations in 94. In short, the fundamental conditions between then and now are very different. I enjoy your posts. But, you really should agree with me! <g> David Todtman