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To: Larry S. who wrote (29983)	3/14/2001 12:46:06 PM
From: E.J. Neitz Jr	Read Replies (1) \| Respond to of 53068

Fed failed to act this am. Appears Greenspan is willing to let the market churn lower, as long as it doesnt gap down out of control. If no pm ease, than I know his mind-set. Fed wants to see market wealth diminished, especially in first year of Presidential term--get the "dirty deed" over with early. So, I wait and watch. There must be lot of scared money moving out of stocks into treasuries. I checked both Merrill Lynch and Credit Suisse, Treasury inventory this am, and the spread was wide--so the brokers are taking advantage of the panic to scalp the spreads.