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To: Uncle Frank who wrote (92133)	1/28/1999 10:22:00 AM
From: Mohan Marette	Respond to of 176387

<--OT-->Uncle: I Greenspan was appointed by Republicans was he not? But I love a good conspiracy theory like the next guy.<g>

To: Uncle Frank who wrote (92133)	1/28/1999 10:31:00 AM
From: Mohan Marette	Read Replies (3) \| Respond to of 176387

<--OT-->Greenspan- I love you man Part II. Uncle get a load of this. ===================== Thursday January 28, 10:13 am Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) INSTANT VIEW-Greenspan on red-hot Internet,shrs up NEW YORK, Jan 28 (Reuters) - U.S. Federal Reserve chairman Alan Greenspan on Thursday said some Internet stocks reflect a ''pie in the sky'' view, but that others could succeed in the long-run, which would justify their higher prices. Greenspan made the comments in testimony to the Senate Budget Committee. The Fed chairman also addressed Social Security, the budget surplus and other issues. An American Stock Exchange index of Internet stocks (^IIX - news), which had dipped briefly after the chairman's comments, moved to session highs. The index was up 23 points or more than three percent to 771. The following are analysts' comments on Greenspan's comments: BARRY HYMAN, MARKET STRATEGIST EHRENKRANTZ, KING AND NUSSBAUM "He is looking at the reality of the situation. Even though valutions are looking a little stretched, industries that are new generally carry some excessive multiples." JOSEPH BARTHEL, CHIEF INVESTMENT STRATEGIST, FAHNESTOCK & CO ''I think the internet stocks will be marching to a different drum than what Greenspan had to say. The Yahoo/Geocities news and AOL news are more likely to be the driving force. It's very hard to know what companies he's implying the capital should flow into.'' The following are Greenspan's remarks on the sector: ALAN GREENSPAN, CHAIRMAN OF THE FEDERAL RESERVE: "First of all, you wouldnt get hype working if there weren't something fundamentally, potentially sound under it. The issue really gets to the increasing evidence that a significant part of the distribution of goods and services in this country is going to move from conventional channels into some form of internet systems .... "The size of that potential market is so huge that you have these pie in the sky type potentials for a lot of different vehicles. And undoubtedly, some of these small companies with stock prices going through the roof will succeed and very well may justify even higher prices. "The vast marjority are almost sure to fail. That's the way the markets tend to work in this regard. (Note: this article is ''in progress''; there will likely be an update soon.) --------------------------------------------------------------------------------