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To: Mike M2 who wrote (117452)	8/18/2001 9:05:38 PM
From: AC Flyer	Respond to of 436258

Bill: "Inflation is always and everywhere a monetary phenomenon" - Milton Friedman. I won't argue with your statistics. I will argue with the conclusions you appear to draw from them. I don't expect any kind of 1929 rerun. I believe AG has done an excellent job. So-called "Easy Al" raised the discount rate sufficiently in 1999 and 2000 to crush the Nasdaq bubble without crushing the real economy. He is now aggressively easing to put a floor under real economic growth. When the US economy resumes steady growth in 2002, as I believe it will, AGs interest rate and money supply actions over the last three years will be seen as the greatest tour de force in the history of the Fed.