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To: Glenn D. Rudolph who wrote (129302)	7/29/2001 4:25:11 PM
From: GST	Respond to of 164684

It is possible that lower rates have done little but to slow down the arrival of the recession that we are now entering. It is possible that with the sequence of events of the last couple of years, a recession is "delayable" but ultimately not avoidable. If this is the case, it will be very very hard to use rates to turn the economy around -- the armory will have used its most powerful weapons to slow the slide leaving Greenspan in a weak position to turn the tide.