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To: Terry Whitman who wrote (42484)	11/30/2000 1:16:40 PM
From: pater tenebrarum	Read Replies (3) \| Respond to of 436258

look, was the market right or wrong about JNPR in early September? imo the strength in the banks is best explained by a combination of complacency and fund managers chasing performance regardless of fundamentals. besides, part of my argument is that the banks themselves don't know yet how big a problem they might be facing. they have only just begun to pull in their horns. if you believe in TL&EV to come, you must realize that the $27 trillion in debt that the economy needs to support will be impaired. and it's not exactly a comforting thought that $40 trillion in notional value of derivatives has been woven around this debt...this has been debated before - they may well on the face of it insure individual risk, but they're also a zero sum game in which one guy's gain is another guy's loss. SYSTEMIC risk has not been reduced by them, on the contrary. besides, looked at JPM lately? -g-