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To: Chuzzlewit who wrote (87758)	1/5/1999 1:53:00 PM
From: Lee	Respond to of 176387

Hi Chuzz,..Re. traditional smokestack and brick and mortar companies have been in decline for years. Thanks for the reply Chuzz. This is also evidenced in the monthly employment reports which show significant gains in service and declines in manufacturing. Furthermore, construction spending out today for Nov. indicates that this trend is gaining steam. biz.yahoo.com U.S. construction spending rose in November Spending on most private nonresidential construction projects, such as factories, hotels and hospitals, declined in November, but spending on the construction of office buildings rose 1.7 percent to a $41.5 billion annual rate, the highest level since March 1989, it said. The Fed is now paying attention to technology vis-a-vis their notice of productivity gains. I think this attention is led by AG because there are still brick & mortar types sitting on the board, but you probably noticed that AG has over the past year tempered the normal reaction to raise at the slightest hint of strength because he rightly noticed that technology allowed productivity gains which essentially offset wage gains. The entire history of tech is characterized by disinflation. This fact is also apparent in the two article last year from Wired where one described the coming digital economy and the other described a networked economy. In both cases, the premises were based on the tech history on continually reduced costs. Guess it's not time to short the MYGs and HDs yet with that construction spending report? <vbg> Regards, Lee Hard to type with the big Nick lounging on the trading desk! LOL!