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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: IQBAL LATIF who wrote (32415)	8/9/2000 10:03:16 AM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

<<. The 5.3% gain is the largest gain in 17 years. * Unit labor costs actually fell 0.1% when they were expected to rise 0.6%. That is a year over year decrease of 0.4%, the first time it has fallen since the first quarter of 1984. These are incredible numbers. Again, the fear of labor driven inflation is not a reality. Speeches today by the Fed's Moskow where he tried to stir up a smokescreen about 'potential' wage-led inflation in the face of these numbers simply drain further credibility from the central bank's already anemic credibility reserve. We have said it before: the Fed needs to focus on what is happening and the incredible positive potential we have, not continue to drone on about Phillip's Curve models that have not applied to 99% of economic history. Let's look at what we have done right the past 20 years, i.e., cut taxes, increased incentives, rewarded enterprise and invention, rewarded hard work, and let free enterprise run. Not coincidentally, in 1983, the last time productivity was this high, the Reagan tax cuts and incentives were just starting to take hold. How can we enhance this? That is what the Fed needs to be doing, not trying to put a governor on a machine that is working very, very well.>> * Great excerpt from a bull investor news letter today..