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To: QwikSand who wrote (41699)	2/28/2001 11:16:12 PM
From: Charles Tutt	Read Replies (2) \| Respond to of 64865

Then he should be very happy -- he got what he wanted. I think interest rates are still a full 2 points too high. Maybe more. It could take a while to get them down. JMHO. Charles Tutt (TM)

To: QwikSand who wrote (41699)	3/1/2001 4:00:25 PM
From: cheryl williamson	Respond to of 64865

I think it was AG who coined the phrase "irrational exhuberance" in describing the equity markets back in 1999 (I think) was it not??? These old guys still remember the "great depression" Qwik. AG believes that capitalism has a tendency to stumble all over itself as momentum builds. He sees the markets as places made ripe for speculation. He uses monetary policy as his way of helping to reign in the markets. I'm not willing to disagree with him on his basic philosophy. I do think we hit a speculative bubble and the public was getting a little to fast 'n loose with margin balances, credit, indebtedness, etal. Where I part company with him is wrt the EXTENT to which he goes to clampdown on the economy in order to cure it of it "ills". I give people a little more credit than that for exercising good financial judgement. A LITTLE bitter medicine would have been ok. He just overplayed his hand. I do think it is his job to know when to raise and when to cut. I also think that he isn't allowed to make a BIG mistake about it. Just like a CEO here in the valley. They can make lots of tiny mistakes, a few medium size boo-boo's, but one whopper & they are out on their can. Platt thought PC's were the future for HWP. Now he' s managing a winery in Napa County. Pfeiffer thought that DEC & Tandem were the future for CPQ. Now he's history. Phillipe Khan & Ray Noorda both thought they could out-muscle Microsoft. No dice. It's great to wear a crown, but it weighs heavily on you. It's time to put AG out to pasture. We need someone younger in the Fed who understands our time and our economy as well as that from 70 years ago.