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To: Jacob Snyder who wrote (49900)	3/13/2001 12:23:08 AM
From: Paul V.	Respond to of 77400

Jacob and Gottfried, Wish Greenspan would recall his statement in Woodward's book, MAESTRO. Below is a portion from page 223. >MAESTRO by Bob Woodward (Page 223) “According to Greenspan, Information technology, defined the current period. Something profoundly different had occurred. Computers and the Internet were at the root of the extraordinary productivity improvement. Computers allowed vastly better inventory management in a way that had been unimaginable only years before. What was truly remarkable, however, was the vast dissemination throughout society of the new technology and the speed of the dissemination. All of this dissemination added productivity growth throughout the economy. There was little question that further major advances lay ahead. They were truly in a capital equipment investment boom. . . Greenspan complimented Clinton on his efforts to use budget surpluses to reduce the federal debt. It’s a very powerful idea for the public, the president said, the idea of being debt free.” “If the federal government were debt free, Greenspan said, that would not take away its ability to do expansive things. Without debt, the government could eventually reborrow trillions of dollars if necessary in a crisis or an emergency. It would be available for the right moment. The surpluses and absence of deficits would also help keep long-term interest rates down, because the federal government would not be borrowing, and therefore, making more money available for business borrowing.”<

To: Jacob Snyder who wrote (49900)	3/13/2001 12:46:41 AM
From: DiB	Respond to of 77400

Jacob, >The broader market, the S&P 500, is barely 20% down. What would be your threshold? 30, 40, 50, ..., percent down? >Unemployment and inflation are very close to the best they've been at, in the last 50 years. IMO the threshold for unemployment is about 4.5%, anything above that is not good. If inflation is in check, what prevents AG from cutting aggressively? My point is, that imo AG is only concerned about the macro picture and probably views this Naz correction as positive in the long run. He wants slow creation of wealth, that's all.