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Politics : Ask Michael Burke

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To: valueminded who wrote (59778)	5/19/1999 5:44:00 PM
From: Knighty Tin	Read Replies (1) of 132070

Chris, Yes, I have rethunk interest rates. Though I think they could go higher in a quick climax, they are so destructive to this overly leveraged economy that they will quickly shut it down and borrowing will cease, lowering rates again. I thought we might be able to go up for a lot longer period of time, but the economy has gotten much more leveraged since then. It is like one of those cheerleading pyramids. I thought the bottom guys could take many more whacks on the knee before they fell over. But now the pyramid is so high, with a sumo wrestler about to climb on top, and I think a simple mosquito bite on the calf causes the base to collapse. RGL- and GAB- are not convertible issues. They are straight preferreds. You cannot convert into the common shares. Oil may not go as low as it was, but I think it has had its run this Opec scam.

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