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To: Mark Fowler who wrote (121632)	3/25/2001 6:01:16 PM
From: GST	Read Replies (2) \| Respond to of 164684

Mark: Sure, more is needed to encourage savings. But a $3 trillion haircut in stocks has been making an impression on middle America -- especially older ones who hold a lot of the cash now. They wish they had been out of stocks and into savings by this time last year. They are not likely to rush back in -- it will take years to build up "enthusiasm" for the risky behavior so common this time last year. For many older investors this last go around was it -- they are out and will stay out. Younger people will move back in -- but I doubt they will do so with the same "devil may care" attitude towards valuations -- just the stupid ones will do that.