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To: Haim R. Branisteanu who wrote (102067)	5/14/2001 5:58:21 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

Haim, you forget that underneath the asset bubble is a much bigger, and imho much more dangerous, credit bubble. it's a beast that needs to be fed all the time...as soon as the Fed only lightly taps the brakes, credit spreads begin to blow out and stock prices plunge...testament to the overleveraged system's fragility. of course i do agree that margin requs. should have been raised on occasion. however, the opposite is happening. day traders have now even looser margin requirements.