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To: Tom Kearney who wrote (91576)	1/20/2000 12:39:00 PM
From: JBL	Read Replies (2) \| Respond to of 164684

I am not trying in any way to compare our present day economy to that of 1928. I am just pointing out that in 1928, as in 1998, the Fed was more worried about overseas events than excessive speculation at home. It proved a costly mistake then, and I believe it will be a costly mistake now, and you may of course reach a different conclusion. I believe human psychology remains constant , and looking at cues in history is often the best way to gauge the future.