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To: spred who wrote (90845)	12/28/2000 3:47:50 PM
From: Tulvio Durand	Read Replies (1) \| Respond to of 152472

Sam, I stand corrected on technical definition of recession. Severe economic "slowdown" is technically correct term I should have used. Although I'm no economist, I will still argue that going from 5% to 2% GNP in one quarter, which has occurred, is just as bad (and probably worse) as going from 1% to -0.5% to -1% GNP in two successive quarters. The latter is a recession; but, the former while technically not a recession, I view as potentially more harmful because the rapid deceleration of growth-rate portends a more severe recession. That's why I view Greenspan's inaction on rates-lowering on Dec. 19 as a significant and costly error. He should enact a 3/4% rate cut ASAP. BWTHDIK. Tulvio