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To: gfr fan who wrote (22564)	10/7/1998 11:04:00 AM
From: joe	Respond to of 45548

>>However, I'd rather have 6 months or a year of bad tasting medecine as compared to the high inflation days of the late 70's early 80's.<< The problem, IMO, is that we are miles away from inflation, and have been for a long time. Deflation is 10x more a problem that inflation and when it happens, it's much harder to fix than inflation. You have to fight deflation by lowering rates, just like you fight inflation by raising rates. Greenspan is way to slow to admit the problems of deflation, IMO. And his thinking is muddled because he puts so much emphasis on the older 70's and some 80's thinking. IMO, he's fighting the problems of the past, and not anticipating the future very well at all.