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To: chic_hearne who wrote (3570)	7/13/2000 11:21:56 AM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

i think too many people expect the election to support the market. there's a flood of paper about to hit the market in July-September, from expiring lock-ups and secondaries. buybacks have been sharply reduced due to the rise in corporate bond rates and the shut-down of the junk bond market. if not for record foreign inflows this year, the market would have collapsed already. if foreigners for whatever reason get cold feet, it's over, election or no election... btw, junk bond defaults are already at levels usually associated with recessions. this shows that the quality of credit must have deteriorated sharply in recent years. it's an accident waiting to happen....the big debt wipe-out, to help all this malinvestment dough into money heaven...