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To: Bill F. who wrote (28601)	3/29/1999 12:25:00 AM
From: toddy	Read Replies (1) \| Respond to of 86076

i wonder whether you have read the latest column from Christopher Byron on NY Observer. it is regarding to the upcoming GSCO ipo and how financial institutions are now mostly vehicle of Greenspan flooding the market with liquidity. here is a brief except of it: " The section reports that during the 15 years from 1983 to 1998, worldwide economic output barely tripled, to $29 trillion. Yet during the same period, the market value of equity stocks worldwide soared sevenfold, to an incredible $23 trillion, while the amount of new borrowings worldwide rocketed 20-fold, to nearly $3 trillion. This has happened basically because for the last 15 years the Federal Reserve has been printing money at almost twice the rate of growth in the economy. And since 1995 that growth rate in the money supply has exploded from a 6 percent annual rate to an 11 percent rate, which is the fastest sustained growth rate for money since the Fed was trying to reinflate the economy out of the recession at the start of the 1980's. " www1.observer.com i know you have been the few critics to publicly question the judgement of Greenspan and i am absolutely shocked by this article.