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To: SouthFloridaGuy who wrote (23709)	3/12/2001 3:29:10 PM
From: sea_biscuit	Read Replies (1) \| Respond to of 25814

NYCB : PE ratios don't mean anything when the earnings are falling towards zero. The PE at the bottom in 1932 was HIGHER than the PE at the top in 1929. How? Earnings fell all the way to almost zero, so that even at very low prices, the PEs were astronomical. A better metric in this situation will be price-to-sales. And I think the Naz will probably bottom at a PSR of 1.5 or so. Btw, does anybody know what the current PSR of the Naz is? I think that the Fed will be very, very aggressive in cutting interest rates for the rest of the year and will do everything it can to preserve growth, even if it means higher levels of inflation.