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To: Proud_Infidel who wrote (15026)	7/23/1998 4:43:00 PM
From: Justa Werkenstiff	Read Replies (2) of 17305

Brian: "GREENSPAN: ''I think, ultimately yes. History tells us that there will be a correction of some significant dimension. But what it does not help you very much on is when. Indeed, history is strewn with periodic contractions of significant dimensions and I have no doubt that given what human nature is, that it's going to happen again and again and again. How individuals behave in that particular environment is not clear or necessarily forecastable.'' Maybe Cramer should realize that anyone can make this kind of statement any day of the week. Maybe he should ask Greenspan for a translation for a "correction" or "contraction" as ask him to define "when." The fact that Greenspan has said this gives it a little more staying power than the average market pundit. And the fact that he said it with the S & P trailing P/E at or near record levels gave it more punch. P/E expansion is limited and we keep bouncing off the ceiling especially if earnings are shaky. Give it ten days and we all will have forgotten Greenspan's words. Bull markets make for short term memory problems <g>.

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