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To: Jim McMannis who wrote (90777)	10/21/1999 8:05:00 PM
From: Harry Landsiedel	Respond to of 186894

Jim McMannis. Re: " He "could" get caught in a crack if he needs to raise rates going into Y2K and doesn't, getting behind the inflation curve. Then to catch up having to rapidly hike may induce the crash he is so fearful of. 2YK clearly the unknown wildcard in the mix... Well put. I agree. I think he sees that Y2K may limit his options, just when he wants the widest ones. From his POV he is more concerned with the "banking system" than with the stock market, but since the latter impacts the former, he can't ignore either. The ironic thing to me is that there are a handful of large cap stocks that are driving up the S&P PE & are "overvalued" based on conventional measures, but those who own them don't pay attention to valuations. Those who do pay attention to valuation don't own them, but as AG tries to scare the market down, the "value" stocks get nailed more than the high flyers. Go figure. HL