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To: marginmike who wrote (29495)	5/8/1999 7:14:00 PM
From: Jim Willie CB	Respond to of 152472

MMike, I agree that MICPLX is an investment in industry, but must comment... its investment approach is perhaps the most inefficient in all of business... it produces results in the form of new tech years later, entire industry niches at times... it does have secondary benefits... so does the NASA space program but the waste in terms of labor, munitions, fuel, death benefits, supplies, lack of real deadlines, etc is absolutely mindboggling... the drain is huge... not to mention corruption in defense contracts, military spec toilet seats and bolts, cost overruns, campaign contribution kickbacks let the govt fund research in academia and corporate America as they often do... it is more efficient, and produces symbiotic results it is my opinion that such wasteful govt spending resulted in periodic economic recessions every few years from inefficient (if not false) govt stimulus spending... worse, it created a mindset that recession is a necessary fact of life in economic development... it is not... nor is it true that growth and inflation go hand in hand... inflation and aggressive money supply expansion DO go hand in hand I think Lawrence Summers of the Federal Reserve is one of the dumbest and most dangerous people on earth... his brain got stuck in the 1970's recession is largely the result of stupid govt stimulus, overly aggressive private sector expansion, unwise debt mgmt by consumers, and other minor reasons to be sure oh silly me / jim willie