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To: Mike M2 who wrote (59274)	1/18/2001 2:04:22 PM
From: Roads End	Respond to of 436258

Greenspan was aided and abetted by Clinton fo sure. It's too bad Clinton won't be in office when the sh*t hits the fan because it is the current office holder that will take the hit unless shrubs has the balls to lay it out on the line Saturday, not likely.

To: Mike M2 who wrote (59274)	1/18/2001 4:15:56 PM
From: flatsville	Read Replies (1) \| Respond to of 436258

Flats, I suggest that the Commerce Dept's abuse of hedonics is a far greater scandal due to the nature of its far greater economic implications. The fact that stock market valuations have reached unprecedented levels cannot be disputed but the reasons why are. The bulls - Wall St, mutual fund industry, the finacial press The Fed, Commerce dept et. al. would like us to believe that there was not irrational exuberence because the US has undergone a growth and productivity miracle thus higher valuations are justified. The bears assert that the economic miracle is more of a mirage and the true driver has been unprecedented credit excesses. If we were to cut stock market valuations in half we would still be near historically high valuation for the peak of an economic expansion. The loss of paper wealth would be $6 trillion ? far greater than the ? who knows how many billions in reduced COLAs resulting from the BLS understatement of product price inflation. Re: the bolded part above. Are you stating that the Dept. of Commerce use of hedonics and the resulting "econimic miracle spin" is truly responsible for the irrational, ridiculous behavior of investors the past few years?...and therefore "a greater scandal?" Come, come now. Like the morons, individual and institutional alike, who ran up stocks with negative earnings were actual looking for this kind of argument to prompt, justify or even explain away their actions. Sheesh...