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To: puborectalis who wrote (19872)	3/30/2001 12:52:02 PM
From: Starlight	Respond to of 60323

OT - PANDAS ON TV TONIGHT: In the San Diego area, the PBS show "Nature" will broadcast "The Panda Baby" tonight at 8 p.m. Check your local listings for other cities. It may air at a different day and time.

To: puborectalis who wrote (19872)	3/30/2001 3:02:42 PM
From: Art Bechhoefer	Read Replies (1) \| Respond to of 60323

"Greenspan should have foreseen the impact of the tech slowdown in the 4th qtr. . ." Actually the tech slowdown began about the same time that higher gasoline and heating oil prices began working their way into the economy, reducing consumer spending on discretionary items, and also reducing business investment in new technology. The problem with Greenspan and the rest of the bankers who run the Federal Reserve is that they look at every major price increase as if it were promoting inflation. Therefore, they are inclined to counteract inflationary prices (such as energy) with higher interest rates in an effort to reduce demand. It doesn't reduce demand for energy, however, as that is rather inelastic. What it does is reduce demand for other things, like computers, digital cameras, and similar items of discretionary spending. So the Fed in its infinite stupidity confused higher oil prices with inflationary spending and began bringing down the whole economy to compensate. The downturn actually began about mid-1999, when the higher oil prices began to be reflected in user costs, indluding higher air fares, higher gasoline costs, and beginning about a year ago, much, much higher natural gas prices. One might wish to blame Clinton for not proposing policies to counteract what appear to be permanently higher energy costs. But a Congress majority, heavily financed by fossil energy proponents, was in no mood to propose measures that might reduce excess consumption (higher fuel taxes, changes in fuel mileage standards, tax credits for alternative technologies such as photovoltaics, windmills). Come to think of it, a concentrated effort in energy conservation combined with increased use of non fossil fuel alternatives would be the quickest way to restore growth in discretionary spending for high tech products. Seen in this context, the current level of interest rates is still far too high, though it looks like it will take more time for the inflation fearing Fed Board (bored?) members to realize it. Art