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To: pater tenebrarum who wrote (30792)	10/24/2000 3:19:10 PM
From: Lucretius	Read Replies (3) \| Respond to of 436258

4 day crash comin up i think.... beginning tomorrow....

To: pater tenebrarum who wrote (30792)	10/24/2000 4:02:23 PM
From: Don Lloyd	Read Replies (1) \| Respond to of 436258

hb - ...no-one in his right mind will deny that productivity gains have been achieved...what is wide open to debate is the way in which they are measured by the government and the gap between their data and reality. ... Any half way decent free market economy is almost always increasing unit productivity. From my POV, it is the erroneous conclusions that are drawn from the productivity numbers that are the most serious danger, not all the bogus methods that go into cooking the numbers. As productivity improves, it is competition that determines where the benefits go. The benefits are always a mix of increased profits, increased wages, and lower product prices. All of these are components of an increased standard of living, but stock valuations can only be supported if a significant part of the benefits flow to profits. Profits are always temporary and require that competitive barriers exist and persist. As I noted elsewhere, it is probably true that the actual increase in productivity numbers is due more to the extinction of the lower productivity competitive losers, than it is to the higher absolute productivity of the survivors, who are faced with lower output prices and higher wages. Message 14643216 Regards, Don