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To: Glenn D. Rudolph who wrote (70743)	7/29/1999 10:07:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

Glenn -- the economy is in great shape -- probably the best I have ever seen -- wonderful -- full-tilt rock and roll -- but that does NOT make for a great stock market -- people get that wrong. What is ending is the speculative boom in the stock market IMO. There is growing cadre of people who have been drawn into a new 'reality' and are getting hurt. That is where the pain will be felt -- I just wish it did not have to be this way. Who knows what tipped this guy's apple cart -- but like Charlie Manson, a demented and evil person, he has probably drawn the high water mark on the wall, whether he meant to or not.

To: Glenn D. Rudolph who wrote (70743)	7/29/1999 10:39:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

BTW Glenn -- when Japan's market crashed it was not because the economy faltered -- it was because the economy was too strong and could not be held in check. That is how a bubble gets formed -- in great economic times because people just keep buying. Nor is the peak associated with an awareness of the predicament -- most just expect a bounce, a dip, a retest -- exactly the way it was in Japan. And they had 'new ways to value companies' in Japan -- they said in Japan its 'different'. The littles guys say 'I'll never sell' and most don't until it is too late. They all swore they would never sell, and then they all sold as the pain set in -- KIS has it exactly right with his Galbraith quote.