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To: Bobby Yellin who wrote (3197)	11/16/1997 9:01:00 AM
From: PaulM	Respond to of 116822

I'd say with 90% certainty that we will soon be in the midst of what used to be called a recession but will now be called another wave of downsizing/reengineering. First Union Corp. just anounced it would let go up to 1400 workers in connection with its purchase of Signet Bank Corp. Coupled with last week's anoucemnts, a pattern is emerging. Various indicators already point to a slowdown and this is all before the recessionary effect of Japan. I don't believe technology will abosrb all the workers it is replacing. And even less so in the short run,as it takes time for folks try to retrain. And I'd guess that most technologically oriented people with the greatest capacity to do it have already gravitated to those fields (not really talking about the Internet here, which I think is overhyped, and can ultimatley absorb very little) Technology should ultimately give us more wealth for less, though that walth may also become more and more unevenly distributed. As always, those already on top will be the biggest winners.