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To: Glenn D. Rudolph who wrote (118488)	2/24/2001 6:47:30 PM
From: GST	Read Replies (1) \| Respond to of 164684

Glenn: Lets say the consumer sector is still in pretty good shape. The housing data seem to confirm that. And if that is true, then consumer confidence is more influenced by concern over lost investments -- possible concern over job cuts. What would you as Joe consumer do? Maybe save more and stop speculating in the stock market. And maybe save more in case you get laid off. More to the point, what does AG do? Does he want lower savings and a higher stock market? Or does he favor higher savings and a lower stock market? If he wants savings to turn positive, he does not rush the pace of easings. But if he is too afraid of a bear market in the S&P then he cuts rates next week. So he has to decide on his values and priorities. A few days ago as i watched the pressure for rate cuts mounting, I thought he would cave in to the stock market and capitulate on rates. Now I am not so sure. I think he is willing to let the market do its thing -- there is no crisis, only painful losses. And if there is no rate cut, the stock market will discover that a bear market can be very, very sobering -- and that is the role of AG, to lead the cause of sobriety in the market -- a sobriety that has been absent for several years.