what a frickin doomer. from drudge:

Greenspan Warns About Imbalances

By Martin Crutsinger AP Economics Writer Thursday, Jan. 13, 2000; 8:46 p.m. EST

WASHINGTON  Americans, enjoying the most prosperous times in a generation, have fueled a remarkable economic boom, but there are dangers that growing imbalances could derail the economic expansion, Federal Reserve Chairman Alan Greenspan said Thursday.

Speaking to the Economic Club of New York, Greenspan expressed an upbeat assessment of the economy's current performance, noting that next month it will become the longest expansion in U.S. history, surpassing the 106 months of uninterrupted growth in the 1960s.

"There can be little argument that the American economy as it stands at the beginning of a new century has never exhibited so remarkable a prosperity for at least the majority of its citizens," Greenspan said in the speech, copies of which were released in Washington.

However, Greenspan also repeated worries he has voiced before that the Federal Reserve must be alert to the growing imbalances between continued strong consumer demand, bolstered by Americans' soaring stock portfolios, and the dwindling supply of available workers, given that unemployment is now at a 30-year low.

In addition to concerns about rising inflation pressures, Greenspan also repeated concerns he has expressed in the past that the huge runup in stock prices could without warning reverse itself.

The Federal Reserve has raised interest rates three times in the past six months in an effort to slow the economy and relieve pressures on tight labor markets before they trigger inflationary wage demands.

While it is widely expected that the Fed will raise rates when they meet again on Feb. 1-2, Greenspan did not specifically address that issue, saying only that the central bank is always forced to make interest-rate decisions based on incomplete evidence of where the economy is headed.

"Regrettably, we at the Federal Reserve do not have the luxury of awaiting a better set of insights into this process," Greenspan said in the speech. "Indeed, our goal, in responding to the complexity of current economic forces, is to extend the expansion by containing its imbalances."

In all of his comments, Greenspan was careful to balance his worries about the future with expressions that some fundamentally beneficial changes are occurring in the economy that have given a strong boost to U.S. productivity.

Greenspan said that when economists look back at the current period a decade from now, they may well conclude "at the turn of the millennium, the American economy was experiencing a once-in-a-century acceleration of innovation which propelled forward productivity, output, corporate profits and stock prices at a pace not seen in generations, if ever."

But Greenspan also said there could be an alternative view of the current period when viewed in a decade.

"Alternatively, that 2010 retrospective might well conclude that a good deal of what we are currently experiencing was just one of the many euphoric speculative bubbles that have dotted human history."

That comment echoed Greenspan's famous worry, voiced in December 1996, that investors might be in the grip of "irrational exuberance." At the time, the Dow Jones industrial average was trading around 6,400.

Despite worries expressed since that time by Greenspan about market valuations, the Dow closed on Thursday at a new record of 11,582.43.

In his Thursday speech, Greenspan said that the boom in stock prices, by bolstering consumer spending, has probably added around 1 percentage point annually to economic growth since 1996. The economy during this period has been growing at annual rates of around 4 percent.

-- Hmm...just like the 'bubble boy'... (@ .), January 13, 2000

Answers

FWIW

My ranting comments in parenthesis (sorry, I'm really pissed off) Top Financial News Thu, 13 Jan 2000, 9:21pm EST Federal Reserve's Greenspan Hopes `Remarkable' U.S. Expansion Concept Will Float Better Than His Big Turd-like Policies. By Noam Neusner

Greenspan Sees `Remarkable' Expansion Continuing

New York, Jan. 13 (Bloomberg) -- The ``remarkable'' U.S. economic expansion is showing few signs of overheating or coming to an end, Federal Reserve Chairman Alan Greenspan said. (He then snickered under his breath "because I won't let it end, hehehehe)

Surging economic growth and subdued inflation make it ``increasingly difficult to deny that something profoundly different from the typical post-war business cycle has emerged,'' he said in remarks to the Economic Club of New York. (Greenspan knows everyone is now thinking that the "new economy" may be in trouble. He pumped billions of dollars in liquidity into an already overheated market and now he's f*cked, the game's almost over and his team is losing. So, when all else fails, re-define reality. Repeal the business cycle! Did he really say that? Holy major f$cking bullsh!t detector Batman! This guy thinks he can repeal the business cycle!!!)

Still, Fed policy-makers are wary that recent benefits from gains in productivity are at risk with unemployment at a 30-year low. ``If our objective of maximum sustainable economic growth is to be achieved, the pool of available workers cannot shrink indefinitely,'' especially at a time when stock market gains also are contributing to a consumer spending boom, Greenspan said. (United warned on earnings today based on labor pressures. We're at 30 year lows on unemployment, who the f*ck does he think he's fooling?)

That suggests the Fed -- ``intent on defusing the imbalances that would undermine the expansion,'' he said -- is likely to raise the overnight bank lending rate a fourth time since last June when policy- makers meet early in February. (Hey guys I'm gonna raise rates, but don't you worry, I'm only gonna go a quarter point. Don't wanna spoil the "new economy". But Al, I thought we repealed the business cycle? Maybe we should just repeal inflationary pressures as well? Then we wouldn't have to raise rates at all!)

At the same time, Greenspan he said the cooling effect of higher market interest rates ``is already well advanced.'' Corporate bond yields and other interest rates have risen, and that can be expected to curtail demand over time, he said. (Hey dumbass, the bond market is telling YOU that you're not doing your job. Stop sleeping with the investment bankers and pay attention to the economy. You're gonna wreck an awful lot of lives if you're wrong about the "new economy".)

The Treasury's 30-year bond fell 1/8 point after the speech, pushing up its yield 2 basis points to 6.67 percent. (I think that says it all. Wait til tommorrow. Let's see what the long bond has to say. Me thinks they're not buying this happy shit any more.)

`Indisputable' Benefits

The economy has managed to grow for more than eight years, with few signs of accelerating inflation, because of what may be ``a once-in-a- century acceleration of innovation,'' particularly in information technology, Greenspan said. (eyah, and the Japs thought they could borrow money forever if they just kept increasing their real estate valuations and investing the proceeds of the valuation. didn't work for them, won't work for dot.coms either.)

History may show that ``what we are currently experiencing was just one of many euphoric speculative bubbles,'' though Greenspan suggested he doubts that's the case. ``What should be indisputable is that a number of new technologies'' are benefiting the economy, he said, citing the Internet among those innovations. (Jesus H. Christ that was a prophetic statement. The whole freaking world thinks that we're in a bubble but us, and this little old guy on credit viagra thinks we're gonna be saved the Net.)

Gains in worker productivity have more than doubled in the last three years, Labor Department statistics show. Greenspan has frequently referred to this phenomenon in the last year, and today said the results are ``awesome changes in the way goods and services are produced.'' (ah, and we all know how indisputably accurate the labor stats are. those things will be our guiding light. lets have a moment of silence for the BLS (Bur. of Labor Statistics, AKA Big Laughing Stock)

Greenspan didn't define how far the economy can grow without fueling inflation, yet he said ``there are limits'' to an economy that is using its available labor pool to the fullest. ``We are groping to infer where those limits may be,'' he said. ``But that there are limits cannot be open to question.'' (unless I make a lot of supreme being speeches like this one. now bow down before me for I am the god of all monetary policy. I alone can say if it is a bubble, and I say it is not (maybe))

Stocks Boost Spending

Greenspan said that an observer in 2010 looking back at this current economy might describe it as an example of overconfidence or as a New Economy that boosted productivity, profits and stock prices ``at a pace not seen in generations, if ever.'' (mirrors on the cieling there was pink champagne on ice, she said we're all just prisoners here... of our own device, there I stood at the doorway, I heard the mission bell, and I was thinking to myself this could be heaven and this could be hellllll)

In either case, he said rising stock prices have created a ``potential challenge'' as gains from stock investments have led to stepped-up spending by businesses and consumers ``beyond the increases in supply.'' (understatement of the millenium)

Gains in stocks, he said, may have added about 1 percentage point, or one-quarter of added economic output, in annual gross domestic product in the U.S. since late 1996.

(Jesus H.---MSFT is now worth more than fucking Spain's GDP! are you kidding me? repeat the sacred words after me Al....'owa tahna ssiam ...owa tahna ssiam...owa tahna ssiam...owa tahna ssiam')

That added demand, which can't entire be satisfied by U.S. producers, has created an appetite for imports. ``Thus the impetus to spending from the wealth effect by its very nature clearly cannot persist indefinitely,'' he said. ``It is, in effect, increased purchasing from future income.'' (in other words folks, it is a pile of shite and it stinkith. it is not powerful fertilzer after all, it's just a pile of shit)

Technology Gains

Greenspan, who has spoken before of the economic gains that come with greater use of technology, pressed forward on that theme. Information technology allows companies to react faster to consumer demands, he said, reducing the need for ``substantial programmed redundancies,'' such as heavy use of warehouses to store unwanted goods. ``Before this revolution in information availability, most 20th century business decision-making had been hampered by wide uncertainty,'' he said. (duh, ask Lucent about certitude dude! There about as clear as the Mississippi River after a bad rainstorm. Or maybe you should ask Intel about how they cooked up those earnings today?)

Now, businesses take fewer risks, allowing them to devote their resources to other tasks. (like j@rking themselves off whilst trying to quantify illusory productivity gains that simply don't exist!!!)

New technology also allows businesses to substitute capital investment for labor when workers are scarce and capital is cheap, as has been the case.

Those labor-saving gains, in turn, have made companies more competitive and less likely to raise prices, because companies are afraid that their competitors could use technology to keep prices steady, Greenspan said. ``The increasing availability of labor- displacing equipment and software, at declining prices and improving delivery lead times, is arguably at the root of the loss of business pricing power in recent years,'' he said. (hmmm, if businesses can't price anything, then it goes without saying that they will have to fire more people, thereby increasing productivity, thereby increasing unemployment?)

That has helped keep consumer prices low. In the 12-month period that ended in November, consumer prices rose 2.6 percent. (yeah, crude's pretty f*cking cheap at 27 bucks a barrel al, duh))

`Virtuous Cycle'

``There is a virtuous capital investment cycle at play here,'' he said. As technology boosts productivity, profits rise, pushing further investment and spending while at the same time costs and prices are held at bay, further increasing profitability, Greenspan said. (there is NOTHING virtous about this. Alan Greenspan is now the Incubus. The long bond closed at 666 today. Clearly this is a sign from God that we must cease this silly nonsense immediately. Repent Alan the end is near!!!)

Greenspan said government surpluses built in the 1990s remain a ``critical factor'' in keeping the U.S. economy on its current course. ``A continuing expansion of the surplus would surely aid in sustaining the productive investment that has been key to leveraging the opportunities provided by new technology,'' he said. ``I trust the recent flurry of increased federal government outlays, seemingly made easier by the emerging surpluses, is an aberration,'' he said. (abberration my ass)

Greenspan also said policy-makers need to ``address the associated dislocations that emerge'' as the economy continues to gain from productivity-enhancing tools that force workers from jobs.

``Societies cannot thrive when significant segments perceive its functioning as unjust,'' he said.

(right, and there's nothing unjust about 20year old snot nosed assholes who can't even tie their shoes starting companies that have NO EARNINGS EVER, and giving them billions of dollars to share with a bunch of greedy triathalon running, beemer driving d*ckhead investment bankers is there? Nothing unjust about the fact that these people have more money than they know what to do with, and yet their companies can't make a dime? Nothing unjust about the way they work with thier bucketshops to make sure we keep churning the paper higher. Nothing unjust about valuing assets at ridiculous numbers over and over and over to lure the suckers in further and further? Oh yeah, the new economy is perfect. No unjustness, inflation, business cycles, price pressures, unemployment to be found here. No sirrree bub. This is heaven for sure. F*ck you Al!)

-- Gordon (g_gecko_69@hotmail.com), January 13, 2000.

And when the bubble bursts, Americans will storm the Bastille, aka Federal Reserve building.

Sharpen up the pikes, boys, sharpen up the pikes.

-- Me (me@me.me), January 13, 2000.

Fabulous. Fabulous.

-- I'mSo (happy@prepped.com), January 13, 2000.

Like his earlier statements, this one will temper bullish activity tomorrow, and the resulting dip in the DOW will be seen as a platform for further gains which will follow immediately. My guess.

>"<

-- Squirrel Hunter (nuts@upina.tree), January 13, 2000.

http://www.cme.com/cgi-bin/gflash.cgi

Way to go Al, you really talked em down tonight....NOT.

I nominate Al for most ambigous speechmaker in a fiscal crisis!

-- Gordon (g_gecko_69@hotmail.com), January 13, 2000.

whoooooooooaaaaaaaaaaaaaaaa!!!!

Talk about blind sided!! Man I'd hate to be on the floor tomorrow.

UFB! What was he thinking with this press release!!???

-- d........... (dciinc@aol.com), January 13, 2000.

...yep, and Wall St is shaking in its collective shoes... whoa! Steady! S&P futuires up only 4! The last timer this prick came out with similar garbage ( irrational exuberance ) the dow was at 6,000.

Hey Greenie, how's aboout turning off the money spigots, raising margin requirements etctetc you doddering old fart!

-- blubbering (In_a@padded-cell.com), January 13, 2000.

Bubble.com? Nawwwww... doesn't sound right.

Balloon.com? Nope... doesn't have the right ring to it.

Hindenberg.com? YEAHHH... that's the ticket!

-- (jigsaw@puzzle.now), January 13, 2000.

Hey Gordon, I too, have "moderate" feeligs about AG.

-- Mike Lang (webflier@erols.com), January 13, 2000.

The FED is really a private institution that controls our money supply and the value thereof, which is unconstitutional (see Article I, sec 8, clause 5). Dickin' with the FED gets you laid out like Pres #35. Real interest rates are the highest in history, and every time the FED raises rates, the bankers make a killing. They got us by the nuts, SquirrelMan!

My question is: When the FED raises rates, does that create more inflation?

-- phoneman (bcrefrig@excelonline.com), January 13, 2000.

Herding TANSTAAFL to the edge of plastic TEOTWAWKI. Lemming sucker GREENIE grinning at cliff bottom. Self-love of his gnome power over global economy's fate, moribund lips drooling. Knowing not he's pawn of pawns, endgame won before he's born. ------- Some say it's all in the plan to re-solidify the old super-oligarchy. Some say the Internet conquers all comers. AOL says Resistance is futile.

THE SHADOW KNOWS WHAT EVIL LURKS IN THE HEART OF DIGIMAN.. HEHEHEHEHEHEHEHEHEHEHEHEH

-- the (shadow@knows.com), January 13, 2000.

So tell me Gordon, why did you go so easy on him? :7)

-- Gia (laureltree7@hotmail.com), January 14, 2000.

Contitutionally, in the US only gold and silver coins are legal tender. This was deliberately set forth by the founding fathers to protect individual liberty. When you work, your hard earned money is best preserved by gold and silver. Fiat (by decree) money always, always gets destroyed. The US began the road to hyperinflation in 1912 with the establishment of the so-called "Federal" Reserve. They in effect are countfieters, creating money out of thin air. The only reason we didn't achieve hyperinflation sooner was the introduction of income tax in 1912 This tax takes away the "surplus" fiat dollars that would otherwise quickly trip us quickly into hyprtinflation.

Today there is no escape. The Fed exploded the money supply in Q4 of 1999 by an annualized rate of 70%!!!!! The commodity complex has been rigged since Clinton came to power (and probably before). You can manipulate prices of real goods only until the point where the no longer exists any surplus at the margin and delivery can be delayed. Once stockpiles are low and you have to deliver, prices explode.

This is what Y2K is all about - the big reality check. RC, Paula and others have enlightened us on data and embeddeds. Oil is about to ROAR. The commodity complex will rise in unprecedented fashion. "A commodity in hand is infinitely more valuable than a promise to deliver" - Y2K mantra. We are about to enter this dreaded hyperinflation and most will lose all their hard earned savings. They will suffer such massive losses only beacuse their politicians allowed their hard work to be paid in non-redeemable unconsitutional (and ultimately worthless) FRN's and not with gold and silver coins.

The discrediting of the government will be breathtaking. Let us all hope that the great USA remains a republic of, for and by the people.

-- Ishkabibble (ishman@home.com), January 14, 2000.

Greenspan stating something like 'if you understood what I said, then perhaps I mispoke.'

The only individual who could state with absolute certainty that the sun will come up tomorrow, with the equal certainty that it won't. And give 20 minutes of reasons for both.

-- Squid (ItsDark@down.here), January 14, 2000.

Thursday January 13 4:50 PM ET

Economy Strong With Inflation Muted

By Mark Egan

WASHINGTON (Reuters) - Christmas shopping and fears of the Year 2000 computer bug pushed sales at U.S. retail stores up strongly in December, reinforcing the assumption that an interest rate hike is imminent, despite muted inflation.

The Commerce Department said on Thursday total sales jumped 1.2 percent in December to a seasonally-adjusted $259.6 billion after an upwardly revised 1.1 percent gain in November.

For all of 1999, annual unadjusted retail sales were $2.992 trillion, up 8.9 percent from the previous year -- the biggest such rise since 1984.

December's gains, the biggest since August, were stronger than Wall Street forecasts of a 1.0 percent rise and left economists using words like ``stunning'' and ``incredible'' to describe America's ongoing love affair with shopping.

The report, coupled with the Labor Department's producer price index -- which gained just 0.1 percent in December excluding volatile food and energy components -- helped blue chip and technology stocks close higher.

The benchmark 30-year U.S. Treasury bond, little moved by the data, moved higher, with its yield at 6.65 percent.

December's retail sales gains, driven by demand for Christmas gifts, new cars and stockpiling ahead of Y2K, suggested that three interest rate hikes from the Federal Reserve in 1999 were not enough to restrain consumer spending, which has been a driving force behind the economic expansion.

Coming just weeks ahead of the Fed's next interest rate-setting meeting on Feb. 1-2, the robust sales reinforced the assumption that the central bank will raise interest rates to prevent the economy from overheating.

``This shows in very, very clear terms that the consumer is strengthening, that the sector is stunning (and) remains very impressive'' Anthony Karydakis, senior financial economist at Banc One Capital Markets in Chicago, told Reuters Television.

Economists are concerned that fourth quarter gross domestic product data -- to be released just days before the Fed's upcoming meeting -- could show growth of 4.5 percent or more.

Coming so late in the expansion and coupled with tight labor markets, many fear that the Fed might need to move aggressively to rein in the economy to head off inflation.

``It looks like fourth quarter consumption will be so strong that overall GDP growth will be well in excess of 5 percent,'' said economic consultant Joel Naroff of Philadelphia.

Upward Revision Likely

Naroff is among those who believe the retail sales data may be revised even higher since December's report does not capture most of the sales generated by the Internet shopping sector, which had the best holiday season in its young history.

In a separate report, the Labor Department said U.S. wholesale prices rose in line with expectations, up 0.3 percent in December from November's 0.2 percent rise, driven primarily by higher energy prices.

``Clearly (the data) is showing the economy is rolling along at a faster pace than the Fed is comfortable with,'' said Bill Cheney, chief economist at John Hancock Financial Services.

But, Cheney noted, with the PPI showing modest inflation, the Fed would likely only raise rates by one quarter of a percentage point in February because, ``that's what this Fed does'' in the absence of obvious signs of inflation.

That sentiment seemed to bolstered by Fed Governor Edward Gramlich, who said he saw no current signs of inflation in the world's biggest economy.

``So far, there haven't been signs of inflation. What the future holds, we'll have to see,'' he said after giving a speech in Charlotte, N.C.

Gramlich credited the sharp increase in consumption to the ''wealth effect'' of soaring stock and home prices -- something he said raised concerns about how the economy would fare if stocks tumbled.

Economists are hoping that after 1999's frenzied consumer spending, this year will be marked by more modest spending patterns, taking some pressure off Fed policymakers.

``Consumers have had their fun,'' said Ken Mayland, chief economist at KeyCorp in Cleveland.

``As they face swollen credit card statements and begin to work down their Y2K survival stashes, consumer spending is bound to come more in line with economic growth, and thus be a factor in tempering overall economic growth,'' he added.

Sales at food stores popped up 2.0 percent to $40 billion after a 0.7 percent gain the previous month. Those gains were likely spurred by consumers stocking up on items like water, canned goods and toilet paper as insurance against potential Y2K related shortages. Sales at drug stores also rose, up 1.7 percent, likely boosted by Y2K stockpiling.

In a separate report, Labor said the number of newly unemployed Americans filing for state benefits was unchanged at 309,000 last week, indicating U.S. labor market conditions remain tight.
[END]

-- (pigs@do.fly), January 14, 2000.

So, now we will find out if the markets are really listening to Mr. G, and if they are not, just how serious he is about squeezing this bubble out of existence. 25 basis points in February would probably be ignored, so 50 basis points may be a very good bet. If the markets ignore that, will he have the necessaries to hit 'em again with another 25 or 50?

And as rates rise, will all the specula... errr, investors continue to pile into all those dot.coms that have debt service to meet (just like real companies) and little income with which to meet it? Stay tuned.

-- DeeEmBee (macbeth1@pacbell.net), January 14, 2000.

The Trouble With Bubbles

http://www.worldlink.co.uk/articles/30031999125222/21.htm

-- (History@of.bubbles), January 14, 2000.

Gordon Gecko [I love geckos]: That was a beautiful explanation. I think I am now starting to understand a leetle leetle bit about the so-called economy!

PS - Sysops - if you're around, can you delete some of these "We're Old IRS Guys"? It's tiresomce over and over and over....

Pramada

-- pramada (pram108@yahoo.com), January 14, 2000.

Another piece to the puzzle: http://biz.yahoo.com/rf/000112/1b.html

Wednesday January 12, 2:07 pm Eastern Time

U.S. industrial output seen boosted by demand, Y2K

NEW YORK, Jan 12 (Reuters) - U.S. output of manufactured goods likely rose in December for the 12th straight month, in response to strong global demand and increased activity to build inventory ahead of Y2K, analysts said.

``Most is coming out of (strong demand in) the industrial sector. Some of it is restocking of inventory going into Y2K,'' said Gregory Miller, chief economist at SunTrust Inc. in Atlanta.

Economists surveyed by Reuters, on average, forecast that industrial production rose 0.4 percent in December versus a 0.3 percent pickup in November. The nation's mines, factories and utilities likely ran at 81.1 percent of capacity in December, nearly the same level as November, according to the economists.

``It'll cap a strong quarter for manufacturing,'' said Jim O'Sullivan, economist at J.P. Morgan Securities Inc. in New York. ``It's consistent with a strong economy.''

The Federal Reserve Board will report the December output and utilization data on Friday at 9:15 a.m. (1415 GMT).

Overall goods output was underpinned by record U.S. car sales of nearly 17 million vehicles in 1999. Auto plants have been running full out to meet brisk demand, sparked by a barrage of incentives and rebates.

``Auto is firing close to capacity,'' Miller said.

Apart from the auto boom, manufacturers have been pumping out a wide array of goods from furniture to high-tech toys to keep up with an insatiable consumer appetite at home and abroad, economists said.

Miller noted that the economic rebound overseas has not shown clear signs of straining U.S. manufacturing capacity.

``It's not so clear that the (foreign) expansion is so strong that it'll strain our capacity,'' he said.

Meanwhile, analysts said an output drop likely came from the utility industry which saw a mild December across the country suppressing power demand for home heating.

``We have had an extremely warm winter so far,'' Miller said. ``Utilities have not been under pressure to fire up peaking units.'' Peaking units are costly plants which are switched on to meet upward spikes in power demand.

Analysts said a strong set of December production data would reinforce this week's market nervousness that the Federal Reserve would push interest rates sharply higher this year to slow demand and contain inflationary pressure.

There has been growing sentiment that the U.S. central bank may decide to hike fed funds rate to 6.50 by year-end.

In a Jan. 7 Reuters poll, all 30 of the U.S. primary dealers -- firms that deal directly with the Fed -- expect the Fed to tighten short-term rates by a quarter-percentage point at its rate-setting meeting on Feb. 1-2.

Twenty-seven of the 30 dealers polled indicated they expect the Fed would raise rates at least once more before June, raising the key federal funds rate to 6.00 percent or higher.

Investors and analysts said the December output report will probably have modest impact on the bond market, which has been rattled by worries about multiple rate hikes.

On Tuesday, yield of the bellwether 30-year Treasury bond, a benchmark of long-term rates, closed at 6.67 percent in New York, and just missed a 28-month high of 6.68 percent.

The production data, analysts said, would be overshadowed by top-tier spending and inflation data on Thursday and Friday -- December retail sales, December producer price index (PPI) and December consumer price index (CPI).

``PPI, CPI and retail sales are going to dominate,'' said Brett Wander, bond strategist at Payden & Rygel, a Los Angeles investment firm that manages $28 billion in assets. ``If PPI, CPI and retail sales paint a consistent picture, industrial production will highlight it.''

-- (pigs@do.fly), January 14, 2000.

Gordon,

Don't hold back, tell us what you really think. :-)

BTW, Text of AG's speech

Links of other recent Federal Reserve stuff:

Federal Reserve What's New page

Jerry

-- Jerry B (skeptic76@erols.com), January 14, 2000.

Does ANY doomer believe Greenspan's propanganda?

NEIN!

-- dinosaur (dinosaur@williams-net.com), January 14, 2000.

"EUPHORIC SPECULATIVE BUBBLE' - like TB2000 was before the rollover came and went? ;) Regards,

-- FactFinder (FactFinder@bzn.com), January 15, 2000.