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To: Bill Jackson who wrote (45494)	6/27/2001 11:50:56 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 275872

Bill, RE:"As they say, "buy when the blood runs in the streets" well this is the summer of blood in the streets so we will soon see a turn" I think the markets biggest fear is that of a "long and grinding road" (P. McCartney-1969). So much to unwind that has yet to be unwound. Usually at bottoms, rates are high, Real Estate is stagnant. Not so yet. Still way too much money out there wanting to be trimmed. Kap may be an engineer but he does know how nothing in the economy works in a vacuum. We had a big Asian crunch a couple of years back. The freighters brought goods from SE Asian but they returned empty. We could be heading for that again. On the home front, we have layoffs accelerating. Soon consumer confidence will wain. We should return to the baseline set before the Y2K run up except for Real Estate that has enjoyed all the tax breaks. Jim