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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 21 4:00 PM EST

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To: Haim R. Branisteanu who wrote (25063)	9/7/1999 9:26:00 PM
From: LaVerne E. Olney	Read Replies (1) of 99985

Interesting read from Bill Fleckenstein stocksite.com "I happened to be having my breakfast on Friday when CNBC announced the unemployment data for the month of August. I tried real hard not to laugh when the data appeared. The numbers looked so contrived I could just hear the conversation between Treasury Secretary Summers and the head of the Labor Department. Summers: Well, what do the numbers look like? Labor: They look pretty strong across the board Mr. Summers. Wages are way up, the number of new jobs is over 300,000, and the rate fell to 4.2 percent. Summers: Are you sure? Labor: Yes sir, we are quite sure. Summers: Have you seen the stock market for the last four days? The bond market is a basket case. Your President is counting on you to be a team player here, Madam Secretary. Do you know what those numbers will do the markets, and the nation? Labor: What are you saying, Mr. Summers? Summers: We need a friendly number. We can't see a 300-point fall in the market. Is there anyway you can do some of that seasonal stuff to make things look a little softer? Labor: What do you mean by softer? Summers: I think 120,000 new jobs and a small rise in hourly pay would do the thing. Labor: You want us to lie to the American people? Summers: Of course. Also, be sure to read his referenced article by Fred Hickey: stocksite.com If this doesn't get you into 100% cash quickly, nothing will!

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