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To: Andy H who wrote (20051)	9/30/1999 2:59:00 PM
From: patrick tang	Respond to of 25814

From what I see in Silicon Valley, the housing market has slowed to a crawl with lots of lookers but not too many buyers. An extra 1/4% will kill that for sure. This interest rate thing scares me. To me it parallels 1987. For what it's worth, back then I sold out of my IBM 2 days before it started because I did not like that last 1/4% rate hike back then. The feds today worries me more than last Oct. Back then the ROW was in deep doo-doo and the feds were forced to drop rates. But today the feds are really cocky and I don't think they would hesitate to raise one more time. I see the markets, both here and abroad, taking a little dive just to remind the feds and give them a taste of what might happen if they do not stabalize this thing. Same as last Oct when they only dropped 1/4% and the market dived to force the second 1/4%. But my fears are the feds may be so cocky that they may not heed it this time and the whole thing will go. patrick