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To: re3 who wrote (64192)	9/24/1999 9:26:00 PM
From: bill meehan	Respond to of 86076

Ike, anything's possible, but I don't think so. The market HAS been tanking, but not in a disruptive manner. Ballmer's right about the absurd valuations of the only stocks carrying the entire load. The bond vigilantes will not sit idly by if the economy continues to show signs of overheating and the Fed does nothing, which will shatter its credibility. A sharp and severe break in the market will lead the Fed to lower rates, but a contained slide will not be cause for the Fed to ignore the economic data. They have too much to lose, and Mr. G knows who sets long-term rates.