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To: Rob S. who wrote (49149)	4/6/1999 4:30:00 PM
From: Mark Fowler	Respond to of 164684

Very good Post Rob thanks.

To: Rob S. who wrote (49149)	4/6/1999 7:43:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

Rob -- I agree with your assessment. The skewing of financial assets is a concern, however, that will bring the fed into the picture sooner rather than later, even with disinflation as an issue. Remember all the talk about social security and the stock market? It provided insight into Greenspan's take on the valuation of the net stocks -- which he compared to a lottery. At some point he has to worry that the US market is turning into a trillion dollar lottery. And then what? We have already seen margin requirements tightened -- and that only worked to cool the net market for a few weeks. The success of the net stocks is great, but valuations pose systemic risks if these stocks rise much further. The higher they go, the more likely it is that this will end very badly.