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Pastimes : Ask Mohan about the Market

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To: Jack Clarke who wrote (14854)	3/15/1998 4:16:00 PM
From: Terry Rose	Read Replies (2) of 18056

Jack, Greenspan has already admitted that they will intervene in open markets to add liquidity to prevent a market meltdown. The 64,000 dollar question is can they as the market becomes more overvalued, and will they continue to intervene. If the global derivative market cracks, I don't think they will be able, due to it's size. The thing that drives me crazy is that Greenspan warned of overvaluation when the Dow was in the 6000's, and yet they intervened at 7800. The thing that is truly scary is the fact that people who are behind the derivative market don't understand it's dynamics. The current global derivative market is currently growing at 3 billion dollars a day. This 50 trillion dollar casino where the big boys place bets on interest rates, currency exchange rates, etc. is truly an accident waiting to happen. I keep waiting to see who will be the next derivative victim from the Asia currency turmoil, and in the next three weeks I think it will come from Japan. Terry,

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