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To: Hawkmoon who wrote (51960)	4/26/2000 5:32:00 PM
From: GST	Read Replies (1) \| Respond to of 116759

Hi Ron -- I am pretty much in agreement with you on the pace of change in Europe -- at least given past experience. What do you think about the reports due in the morning and again on Friday -- is the economy going to show signs of strain -- i.e. labor markets are too tight and prices are heading higher?

To: Hawkmoon who wrote (51960)	4/26/2000 7:25:00 PM
From: LLCF	Read Replies (2) \| Respond to of 116759

<the baby boomers are like a pig going through a python, and I have no illusions that everything will be hunky dory when they reach the "south end" of that python.> Or that there won't be some massive gas and indigestion! <They can get as giddy as they want about restructuring in Europe or Asia. They can praise European restructuring efforts until they're slap-happy. But the underlying reality is that Europe has NEVER BEEN QUICK TO IMPLEMENT SUCH SUBSTANTIVE CHANGES.> Historically yes, and the market has always been priced that way, but if you've been paying attention especially in Germany, but elsewhere as well, labor unions have had to accept historic cutbacks in benefits and wages. Little of this is priced into the equity markets. As for slaphappy, the markets tell the tale, the big money knows what's happening, and to call them slap happy is naive. Asia is a different story as an historic recession in Japan produced little change. DAK