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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (30503)	8/4/1998 12:01:00 PM
From: Defrocked	Read Replies (1) of 132070

RE: "Liquidity tends to disappear in credit corrections." Jim Grant is very much on target with that remark. Bear markets are characterized by illiquidity and widening bid/asked spreads. Try to hit a bid when the market is falling and the pit is backing away from every offer.Try last fall, for example, to sell stock in So.Korea, for instance, when you need liquidity. Rabid Bulls are going to have a rude awakening when they really need to sell. Today's action only begins to illustrate that point, IMHO. We probably haven't even begun to see fund outflows and margin calls. PS Third big sell program moving through SPoo pits now at 12:00EST.

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