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To: pater tenebrarum who wrote (57404)	8/19/1999 5:50:00 PM
From: Jorj X Mckie	Read Replies (3) \| Respond to of 86076

Heinz, I agree that AG probably knows that we are in a bubble. My guess is that he believes that it will pop on its own very soon and maybe that talk of higher rates will just exacerbate the situation. Again, pure conjecture, but if he doesn't raise rates, I would interpret this as he sees the market is in a much more precarious position than we do. In other words, a rate hike would be bullish and no action would be bearish (as the fed sees things). I am making this shit up as I go along, so feel free to shoot holes in it. JXM