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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (64159)	7/8/1999 12:44:00 AM
From: Merritt	Read Replies (2) of 132070

MB: My feeling, FWIW, is that stock and index derivative exposure isn't going to be a factor unless the underlying issues get severely depressed and stay that way for 2-3 months. So if there's a drop and only a small suckers rally, we'll all have time to get ready for a truly ruinous banking implosion. When you stop and think about how many will be ruined, maybe AG's actions were called for...but there should have been a quid pro quo; no bailout without a deal to unwind their positions once the market recovery occurred. Apparently that never happened, and the damn banks are still looking to get killed and don't care about how many go down with them. In fact, they're probably counting on the huge impact so many failures would have as to make sure that AG will bail them out. AG added permanent reserves today...see you at DOW 14,000 (after tomorrow's dip).

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