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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Boplicity who wrote (27775)	12/31/2000 2:06:01 AM
From: Selectric II	Read Replies (2) \| Respond to of 65232

The stall began before Greenspan's actions. In fact, he held off on account of the productivity increases which offset traditional inflationary indicators. Listen to his speeches. He has been awed by technology. The real problem began when the Clinton administration waged an antitrust war on the heart of the productivity revolution. Antitrust law is quirky -- it is policy and economics-driven, and competitive actions that you think are legal can be found to be illegal after-the-fact. It's a potential trap, causing great uncertainty in a changing competitive environment, and requiring backpedaling and caution instead of full-steam ahead competition. It's a friction, a drag on the economy, just as much or more than interest rates. As a matter of fact, remember that just a short while ago, experts said the tech stocks were interest rate agnostic? Well, what's changed? The past few years have been the epitomy of change, and Joel Klein bragged that he was going to alter the landscape of antitrust in the new economy. Well, guess what? He and his bosses did. They've created doubt and uncertainty about what's legal, and they've created doubt and uncertainty about how to deal with MSFT. The chain has been broken. Remember the AT&T breakup?