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To: SliderOnTheBlack who wrote (90222)	4/18/2001 10:05:03 PM
From: SliderOnTheBlack	Respond to of 95453

LEBANON DEMANDS ‘URGENT AND IMMEDIATE MEETING’ OF ARAB LEAGUE ) Lebanon demanded Tuesday an ‘urgent meeting’ of the Arab League to discuss the Israeli raid against a Syrian radar base in Lebanon, Foreign Minister Mahmoud Hammoud said. Local radios, quoting Arab League sources in Cairo, said an emergency meeting of the Arab League would be held in Egypt on Saturday to discuss Lebanon's demand. ‘We want to tell our Arab brothers about the details of the Israeli aggression and ask for the implementation of resolutions adopted by the Arab summit in Amman two weeks ago,’ Hammoud said. The resolutions stipulate that any aggression or threat by Israel to Lebanon and Syria will be considered a threat against all the Arab nations,’ Hammoud said after meeting the ambassadors of the five permanent members of the UN Security Council. Hammoud called on the international community to ‘deter’ Israel from carrying out any new attack against Lebanon. ======================= (another great post from Kitco) RATE CUTS INEFFECTIVE (Teetmyer) Apr 18, 12:35 Successful Analyst says Rate Cuts will not save stock market Moments ago CNBC interviewed Charles Minter, analyst and Portfolio Manager of the Comstock Capital Value Fund, which has enjoyed excellent performance during the present Bear market. Per Mr. Minter, “Fed rate cuts in the past never saved any bear market – and it won’t this time.” To support his assertion he cites what happened in the Great Crash of 1929 and what is occurring today in Japan. Minter said the US Fed repeatedly slashed rates from 6% down to 1.5% in the Great Crash era. But this action did not prevent the Dow from plunging 89% from its 1929 peak to its 1932 trough. Moreover, the Bank of Japan have cut rates incessantly since its 1989 Nikkei peak. Nonetheless, the Tokio stock index is off 66% from its all-time high. Furthermore, Japanese rates can no longer be cut as they are now zero. Ergo, rate cuts are no long-term solution to an emerging bear market. Portfolio manager Minter went on to give his rationale on why he believes the stock market is still headed for a bad fall. He cited the following historic data: The S&P Index P/E ratios of the worst two bear markets were: At peaks 1929….21 times 1973….19 times At Troughs 1929….8.5 times 1973….(?) I did not copy fast enough to get this figure The S&P500 P/E in March 2000 reached a record high of 32. However, Minter expects the S&P500 P/E ratio to decline from its present level of 25:1 to around 10 times. He further commented that earnings would most likely NOT hold up. But if they did – and the P/E toughed at 10, the S&P500 index will have been battered down another 60% from today’s value. This indicates a S&P500 nadir of 500. Not surprisingly, Minter’s bear market target concurs with David Tice’s estimate of a market bottom. (David Tice is president and portfolio manager of The Prudent Bear Fund - BEARX). In essence we are seeing nothing more than a traditional BEAR MARKET RALLY…often violet.