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To: Road Walker who wrote (19088)	2/12/2001 2:55:42 PM
From: hueyone	Respond to of 60323

re: The effects usually don't begin to be felt for six months. Agreed. Again, this having to target the economy six months out or more is what makes the Fed's job so very difficult. Many would argue that it was the stimulating effect of new technology, coupled with the subsequent increase in productivity, that created that ten year run. Certainly technology influenced the great economic run in a very positive manner. Greenspan was well aware of producivity gains resulting from technology and correctly factored these gains in to his economic model. Perhaps rather than giving Greenspan credit for the good economic run, I should give him credit for making good decisions over a long period of time that allowed the run to continue for an extraordinary amount of time. A neutral stance by the Fed is just as an important policy decision by the Fed as a tightening or loosening decision. Best, Huey