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To: Bill Harmond who wrote (21812)	10/16/1998 7:49:00 PM
From: Gary Walker	Respond to of 164684

Just glad to be able to sit up and take nurishment! You're a wise old fox and I hate to be on the other side of your ideas. Up to yesterday I was in your cash camp. Now I think my former hero AG has gone and screwed up a perfectly good recession. How on earth can he lower interest rates during a period of very low employment and a tightening labor supply? Answer, the guy's in a panic because the Japanese screwed up their economy. The corruption in Indonesia and tulip bulb speculation in Malaysia led to the fall of those joints. Brazil and Mexico need to be bailed out again. How many time can that happen? $8 per hour to get people to work at McDonald's for C sake! We're talking about WAGE PUSH inflation..... I know the history of Discount rate cuts and post market moves. Things are not the same as 20 years ago. We haven't seen <5% 30 year t-bills or 6.5% mortgages in our lifetime. A credit crunch at these levels? How about government surpluses? Sucking money from the economy to pay off the national debt is the dumbest idea ever created. Balance the budget, ok, but not a bloody surplus!!! The last government surplus was in 1970, a recession year. As for fumes, I may have my mouth wrapped around a tail pipe if I'm wrong. Nah, I'll just watch my business take off and work another twenty years! gw