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To: Alex who wrote (10086)	4/17/1998 4:21:00 AM
From: Abner Hosmer	Read Replies (3) \| Respond to of 116813

Thanks for the article Alex. Nice to have some company at this hour - I really strongly disagree with the idea that the Fed should conduct monetary policy on the basis of evaluating whether share prices are at the "correct" level or not. Has there ever been a man or woman alive who knows how high is too high or how low is too low? Do we really want the Fed to start playing that game? Many thought the market was too high at 4800. Should the Fed have put the brakes on the economy because 4800 was too high? How do we know this market can't go to 20,000 without getting creamed? regards - Tom