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To: Robert Rose who wrote (71750)	8/4/1999 10:25:00 AM
From: Radim Parchansky	Respond to of 164684

30 Yr Bond 6.104 -0.05

To: Robert Rose who wrote (71750)	8/4/1999 12:39:00 PM
From: GST	Respond to of 164684

Robert <What am I missing here?> Simply put you are missing the result of what you describe. The US over time has become highly dependent on the willingness of foreigners to recycle their trade surpluses back into our financial markets. We enjoyed the benefits of low inflation and a strong dollar as long as this money was flowing in. What you are missing is the vulnerability that has creeped into our markets -- the risk of foreign selling. We can talk the fine points of WHy this money is leaving, but the most important fact is that we are much more vulnerable to these movements than most seem to realize -- especially among people who focus on a few 'can't miss' high flying stocks that are the first to get shot down as the money leaves.