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To: Tushar Patel who wrote (141544)	8/28/2001 8:25:15 AM
From: Amy J	Read Replies (1) \| Respond to of 186894

Hi Tushar, RE: real estate local economy In the local newspaper (SJMN, page 2H) on Saturday, it said Atherton (a city in the Bay Area) experienced a median price change of -88% since 7-20-00, though the sales volume was up 200% YOY. RE: your comment on immigration Ejecting top talent from foreign countries in large numbers will come back to haunt us here in the USA if the USA continues this trend in huge numbers, as it will certainly make things more challenging for USA companies and USA investors when a certain percent of these folks start companies overseas. (Today, we have the luxury to invest in the best companies in the world, right here in the USA.) Unfortunately, US companies can't do anything to prevent this ejection, aside from lobbying. The problem is with the government's recent change in time requirements. The underlying problem is the time requirement to become a citizen has become way, way too long. The duration has increased approximately 4 times in the past decade. As an investor this concerns me because it's the first time that I am seeing top talent leave the USA in large volume. In the past, during a previous deep recession, the time requirement wasn't long which meant folks had an opportunity to become citizens, which in turn meant if their company axed a division of theirs they could simply find another job just like anyone else that was a top talent. That's not an option these days because the new time reqs have changed. My concern is that we lose top talent to hire and also some of these smart folks will start companies that'll compete with companies here. I'd rather have the smart folks stay here in the USA, starting companies here, so I can invest in them and be apart of that cycle of growth. Going back to the early days of European settlers of this country, this country has a history where waves of ambitious immigrants came to this country to build a better and competitive future for themselves and this country, my ancestors included. So, the time requirement needs to be fixed so the USA retains top talent. Unfortunately, the ball is in the government's court on that issue. The government has modified a formula that appears to have worked for centuries. Unfortunately, just like some (not all) analysts may focus only on the short-term quarterly returns, the government will most likely be focused on the short-term too. The USA tends to have now but pay-later philosophy that bites later. Not great for the children of this country. Nor a long-term investor. On an unrelated note, it seems like further consolidation may be occurring in this economy and in some parts of the semiconductor business. I just read about one semiconductor merger, and now I believe there are two other semiconductor companies that may be preparing to merge because they announced a close reseller arrangement. Regards, Amy J