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To: sandeep who wrote (53488)	1/3/2001 3:55:26 PM
From: chic_hearne	Read Replies (2) \| Respond to of 436258

I think if the market runs up from here, he may not cut in the next meeting. Interesting comment. Now why would you say that? The Fed has already clearly stated that they aren't targeting the markets. So you must not believe them, in which one of two possibilities exist; either you believe they will bail out the speculative investors or the stock market has become the economy. The latter is all that makes sense. How's this for a policy statement, "since the NazDaq has been on a tear this month, we don't feel the need to lower interest rates any further. As long as the NazDaq stays above 3000, everything will be fine in the economy regardless of what else is happening." Or put another way, "if we can't jack up the NazDaq to above 3000 and keep it there, all hell is going to break loose." The latter is what's going to happen. If you're in the NazDaq Casino at the tech stock gambler poker table and you can't figure out who the bagholder is, then you're the bagholder. I'm not the bagholder.