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To: John Mansfield who wrote (12155)	5/25/1998 5:48:00 PM
From: Bobby Yellin	Respond to of 116832

I would guess that it is insignificant.,.what I find significant is that technology is contributing to a big deflationary trend.. ie rise of internet commerce is going to cut out so very many middlemen..and increase competitiveness... whereas mergers are going to probably gradually increase costs that people can't avoid...and decrease the average person's discretionary money..(and the government won't include those necessities in their indices) in the next recessionary cycle..a lot of programmers will probably get laid off anyways except for the exceptional ones.. it just looks to me that we are going into a a two class society.. supposedly one would think that the middle class is what produced the incredible consumerism in this country.. one would think it would take more and more cash inflows to sustain this overvalued market..was it last week there were record flows into money market funds? also so much spending seems to be going into vaporware...ie all those beepers and cellular phones..I am not talking about the ones used for emergency calls... I keep on hearing outrageous stories..(at least I find them outrageous)..about couples making close to $100,000 a year and who are in debt.. a laundry owner who now has to pay 2400 a month in rent for a very small space..how much money can she make after paying that rent? then Rubin this weekend mentions that the Japanese dollar can fall lower..I don't understand..what will that do with the competiveness of US car industry for instance..I must be missing something.. What will it be like when inflation rises..can't imagine then what my phone bills with all those extra fees will be..what will happen to bank charges with all those extra fees...individual health premiums with those rises..cable bills with all the hefty yearly raises.. then with probable push for professions to constantly having to go back to school..all the programmers who get outmoded quickly now.. (ps wonder if it is true that some nuclear plants will be forced to close before year2000-read your post--wonder if utility bills will go up and up..) (aside--a lot of programmers don't even want to touch the year2000 problem..too frustrating a task..) I guess i just think the governments of the world will reinflate shortly to prevent a meltdown(not nuclear :>) still can't believe that our huge trade imbalance doesn't matter down the road..unless the government thinks it is only paper not backed by hard assets :> hopefully we won't have to wait for reinflation before gold starts getting stronger and stronger..