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To: Lizzie Tudor who wrote (56888)	5/15/1999 7:41:00 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 164684

Salaries aren't in the CPI. Those are in the hourly-wage statistics that are published with the employment report. There is inflation to some degree, especially in certain sectors. Employment (and incomes) has risen far faster than the housing supply in Silicon Valley, and you know the consequence. Our local restaurant raised wine prices to $9 a glass. Sports and movie ticket prices are way up. But insurance costs are down. Computer and telecom-equipment prices are down. The cost of finding new oil is $6 a barrel and huge fields have recently been discovered. The emerging world will work for nearly nothing. The largest demographic of the US population, the War-Baby generation, is cutting personal spending and investing the rest. Productivity is rising. The Internet is the most disinflationary development since the telephone. I'm not too worried about inflation.