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To: Rick who wrote (33637)	6/30/1999 7:13:00 AM
From: limtex	Read Replies (2) \| Respond to of 152472

Fred - It seems to me to be getting clearer that a number of European institutions have been getting more and more upset as the US markets have continued to grow over the last few years. The European attitude is that whatever goes up must come down and ssoner than you would otherwise think; that only a certain class of people are entitled to attain wealth; that what is established is always better than what is new; that who has attained wealth by working for it either as entrepreneur or investor is "new money" and thereby inferior in some way to aristocracy or "old money", the latter of course being absolutely entitled to live to the life of Riley by virtue of inheriting their wealth or more commonly lately by marrying "new" money. Who are the 10 big performing companies of the major European markets ( the term major European Market is an oxymoron)? Compare them with the 10 big performers of the US markets. Many of top performing US companies didn't exist 15 years ago; most of the European ones were in existence before the War. The Europeans have never really understood the sheer power of the combination of inventiveness, business and market that make up the US economy. Hitler never understood it and what that combination could do in wartime and todays Europeans don't seem to have any better idea as to what it can do in peacetime when relieved of the burden of the Cold War. So various European journals and institutions spew out their tired threadbare cliches about what goes up... and it can't continue..etc . Many European fund managers have underestimated the US markets for years and have invested their clients funds in go nowhere Euro markets and this has just tended to increase their fury against the continued success of the US economy. One place they do seem to have found a friendly ear is it appears unfortunately the Fed. We shall see later today. BTW everyone seen the latest great figures from Japan showing the recovery that the Fed believes is going on in Asia. I hope the Chairman is near to his next meal than he is to an Asian recovery. Best regards, L