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To: Les H who wrote (7184)	12/25/2000 5:25:49 PM
From: James Strauss	Read Replies (1) \| Respond to of 13094

The Fed lowered fed funds rate twice in December 1991 as well as a huge 1% cut in the discount rate on December 20th. The next day the Dow was up over 3% on the way to around 10% higher in two weeks. Les: I think the FED is now behind the curve, and must cut rates in January or before... The Bush insistence on the full 1.6 Trillion tax cut might take the wind out of the sails of a progressive rate cutting cycle... Greenspan favors paying down the debt prior to big tax cuts... I hope we don't see Bush and Greenspan locking horns... Investors will be the real losers in that one... Jim