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To: JRI who wrote (7421)	7/18/2001 1:14:42 PM
From: pater tenebrarum	Respond to of 209892

yes, i caught him...he still can't bring himself to admit that the productivity gains were a cyclical phenomenon, subject to the same cyclical forces governing the business cycle in general. however, the EVIDENCE is clear on this subject. in the meantime, the Fed continues to abet the speculation in financial instruments to the detriment of the financial system's integrity...not that that is news really, but it is surprising to see that the private sector debt mountain keeps growing unabated while the economy tanks.