As I sent off my last comments, this arrived! I actually worked with Ed at EF Hutton in the late 70s. This monthly alert is free., & the website is quite good IMO. Steve -------- Original Message -------- Subject: New on Dr. Ed's Economics Network Date: Mon, 1 Nov 1999 13:22:24 -0500 From: "Ed Yardeni" <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> COMMENT: "We are all New Economists now." This seems to be the message of Fed Chairman Alan Greenspan's Oct. 28 speech. He was clearly impressed by last week's GDP revisions, which added software to the nation's output for the first time and show that the New Economy has been growing faster with less inflation than previously estimated. Even the personal savings rate was revised upward, though it still remains in a downtrend. In his Oct. 14 speech, Mr. Greenspan seemed intent on talking stock prices down. The latest speech talked them up. The Fed Chairman is the fairy godfather of the stock market. If it is a bubble, as I believe, then he is certainly blowing more air into it. SUBSCRIBERS: In the latest GLOBAL ECONOMIC ANALYSIS, I observe that the my long-held belief in the secular rebound in productivity is no longer a hotly debated issue. It is a fact that has been officially endorsed by the Fed Chairman. That's great. My concern is that The New Economy paradigm is more than fully discounted in stock prices. My contrary instincts suggest that Old Economy worries might soon rise from the dead, particularly bigger wage increases sparked by extreme labor shortages. PUBLIC: A new feature of my WEEKLY AUDIO FORUM will be occasional discussions with DB equity analysts about their industries and stocks they like. Last week, Harry Fong talked about financial deregulation and insurance stocks. These discussions are open to the public with a one-week delay. My associate, Debbie Johnson, is now posting Morning Market Comments every day on the home page. The October poll of institutional equity investors is viewable at www.peoplepolls.com. Y2K: Just about everyone on our planet is convinced that Y2K will be a nonevent. I hope they are right. I remain skeptical. See my latest Y2K REPORTER. My next poll of Y2K Experts will be released on December 1. Dr. Ed ******************** Please forward as appropriate. To stop receiving these updates, reply with UNSUBSCRIBE in the text field. All opinions and forecasts are subject to change and are not investment recommendations. ******************** Home: http://www.yardeni.com Weekly Audio Forum: http://www.yardeni.com/waf.html Global Economic Analysis: http://www.yardeni.com/weain.html Global Economic Briefing: http://www.yardeni.com/webin.html Global Portfolio Strategy: http://www.yardeni.com/weain.html Global Markets Briefing: http://www.yardeni.com/#globinvest Stock Market Lab: http://www.yardeni.com/stocklab.html Y2K Center: http://www.yardeni.com/cyber.html Y2K Reporter: http://www.yardeni.com/y2kreporter.html People Polls: http://www.peoplepolls.com/ ******************** VIRUS ALERT: No attachments sent with this message. ********************
