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To: Pete Schueler who wrote (10133)	4/18/1998 10:09:00 AM
From: PaulM	Respond to of 116786

German Econ Ministers Blast Idea of Share Tax biz.yahoo.com Consider germany's zero capital gains tax on stock market gains in combination with U.S. Congress' recent capital gains tax cut and Japan's outright Price Keeping Operations to determine where the major industrialized nations want money to flow.

To: Pete Schueler who wrote (10133)	4/18/1998 11:41:00 AM
From: PaulM	Respond to of 116786

"First Q Industrial Output posted its weakest performance in seven years" biz.yahoo.com I think a strong case can be made that there are severe distortions in the economy right now. When economic "growth" is concentrated in paper that reprersents real things, rather than the real economy itself, it tells us some major contradictions will have to resolve themsleves. Have you noticed where the positive earnings surprises are? Just about exclusively brokerage and financial imstituitions. All the more distorted given that fund managers in general do consistently worse than the indexes. Makes you wonder whether Wall Street really adds any economic value at all. (No offense to any fund managers. Wish I was one).