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To: Bill Harmond who wrote (78373)	9/23/1999 10:34:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

William <The dollar/yen isn't causing this.> That is where you are wrong.

To: Bill Harmond who wrote (78373)	9/23/1999 10:47:00 PM
From: GST	Respond to of 164684

William: I read your edit. As Japanese withdraw funds it drives down the value of the dollar which makes US bonds less attractive to foreign inversotrs, reinforcing the move down in the dollar. There is absolutely no question that this has been the case since June as Japanese investors in our bonds have watched 20 percent of their capital evaporate in a few months. They would rather hold yen than dollars. As for our bond yield, yes, rates can hold steady if money in this environemtn by drawing money from stocks. This began in July and then eased up later in August. We have had a month off from the selling pressure -- its back and getting much stronger. The selling climax is weeks away. We are facing a category five sell-off.