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To: LLCF who wrote (71721)	2/26/2001 11:03:32 AM
From: Andrew G.	Read Replies (2) \| Respond to of 436258

LLCF: Not a plan but my 'heretical' idea to do away with the stock exchanges altogether (and the FED too). I believe that there should be no public float for any stock. i.e., I believe we should do away with stock exchanges. If people want to invest, they can do so through bonds or privately held stock. Remember that if a company is corrupt it will eventually be sued by it's shareholders regardless of whether it is required to make public disclosures of it's earnings. Annual and quarterly meetings are still held by privately owned companies. If you are a shareholder, you have rights regardless of whether a company's stock trades on an exchange or not. Monetary policy can be automated by weighted indexing to economic indicators and fractional rate changes can be incrementally dosed on a daily or weekly basis without some Fed chief running the show pontificating and destabilizing the markets with large dosage changes to rates based on his or the board's hindsight. What do these drastic changes do ? They get rid of the casino approach to valuing American business. Businesses will return to focusing on fundamentals and not hyping a stock to the public and the public can invest in corporate America knowing that market gyrations are not going to blow their life savings. Let me ask you this? How would you like your house, and every other house on your block to be listed on an exchange that moves like our stock exchanges ? ie the value of your house (although it does fluctuate in value daily) is subject to market speculation that could rise or fall by large % points and sharply affect your net worth and ability to borrow on a DAILY BASIS . I think many people would be panic stricken by that thought, but yet our homes ARE subject to market fluctuations. The way exchanges are made visible and tradable to the public and the liquidity of the market is what makes them so vulnerable to ramped speculation, automated trading by large players, and a total lack of confidence in the stability of the system.