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To: Jon Koplik who wrote (14992)	9/14/1998 8:52:00 AM
From: Sawtooth	Read Replies (1) \| Respond to of 152472

*OT* Cien and Tlab merger off. (Now things get really interesting!) ...Tim

To: Jon Koplik who wrote (14992)	9/14/1998 11:04:00 AM
From: gdichaz	Read Replies (2) \| Respond to of 152472

To Jon: You know that real market rates make the current 5.5% Fed Fund rate "inopperable" in the Nixon days phrase, but you are - shall we say - a savy observer and investor. Lots of folks ain't. So the current rate which is already out of wack is a misleading symbol. In this day when symbols are substance, my only small point is that moving the symbol closer to reality asap is a minor improvement - in no way a stimulant to the economy. I am highly skeptical that reductions in interest rates stimulate the economy, but, and this is my suggestion, in Japan and here in the 'ole USA lower rates are less of a drag if other factors do stimulate the economy - you are correct of course that real not paper rates are what count in any event - except for those few (the vast majority - naw, couldn't be) who are misled by symbols - first and foremost our politicians IMO. Chaz PS And how many run of the mill Wall Street "analysts" understand the difference between symbol and reality?