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To: Lee Lichterman III who wrote (9851)	3/4/2001 9:31:21 PM
From: hobo	Respond to of 10876

Thank you for your response Lee. I do not find fault in any of your points presented. More and more I am thinking that the current malaise boils down to the following: 1. valuations were pushed to silly levels, particularly the .bombs-internut issues. 2. margin over-extension by many would be speculators 3. energy problems caused by a combination of foolish "deregulation" and in the case of oil a better control by the cartel of the supply of oil in order to maintain a desired price. 4. many people forget that AG is not the central banker to the USA alone, he is the CB to the world and he has to take a wider view of the possible consequences of the Fed's moves. Therefore, there are factors outside the US market that can affect the FED's decisions. 5. loss of confidence to invest in the market.... yet at the same time not enough fear to flush out the last optimist, hence NOT allowing the market to show us all the true bargains. -g- I believe that from this point forward participation in the market will be successful only if proper research is done in the companies that one invest/speculates. No more of the "greater fool theory", which I believe motivated many to put money into companies that made no sense to do so. To a degree, this market reminds me of the California real estate market after it had boomed and then collapsed.... Many of the commercial properties came back, however they did so based on sound financial analysis of its viability and cash flow using realistic capitalization rates and certainly not ALL of the projects came back. As to "when would the bottom be" ? I have no idea, each time a new low is made.... seems like every prior prediction is broken & lowered, so I will let the market tell me, rather than attempting the guessing game. I believe that if Congress were to pass a law allowing to allocate part of the Social security funds into equities, this action could bring a degree of confidence back. Perhaps the politicians would be wise to pass such law after this market has finally bottomed.