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To: Jon Koplik who wrote (21757)	1/21/1999 8:38:00 AM
From: Ron M	Read Replies (1) \| Respond to of 152472

Jon et al: Sandy makes a good point on the Gilder thread regarding Greenspan comments and ascendant technologies. To: George Gilder (898 ) From: Sandy Wednesday, Jan 20 1999 6:33PM ET Reply # of 900 This isn't on point but I've heard so many, I think erroneous, press reports of Greenspan's testimony that I've found and printed below a couple of his comments: "Nonetheless, in the current state of financial markets, policymakers are going to have to be particularly wary of actions that unnecessarily sow uncertainties, undermine confidence, and interfere with the efficient allocation of capital on which our economic prosperity and asset values rest. It is important not to undermine the highly sensitive ongoing process of reallocation of capital from less to more productive uses...It is this continuous churning, this so-called creative destruction, that has become so essential to the effective deployment of advanced technologies by this country over recent decades." I don't think Greenspan is negative toward the stock markets and especially not toward individuals and entities which invest capital in ascendant technologies. I guess words at times have to be twisted, tortured, and parsed to make a good story.