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To: H James Morris who wrote (129306)	7/29/2001 3:34:25 PM
From: GST	Read Replies (1) \| Respond to of 164684

LOL -- I remember old Bill telling us that capital spending on telecom equipment could not go down -- that it was impossible because the carriers could not afford to "fall behind" and "had to' continue to build out their infrastructure. That was back in October and November -- great timing.

To: H James Morris who wrote (129306)	7/29/2001 4:15:27 PM
From: GST	Respond to of 164684

HJ: Three scenarios -- (1) we are coming out of recession soon and this will be reflected in capital spending. (2) We are not coming out of recession soon but things are not going to get much worse with most markets now being "near their bottom". (3) We are only just now slipping into recession as consumers hit the wall with overextended credit capacity and mounting job-loss concerns, in which case the market is on a plateau that will prove to be unsustainable, leaving many investors shocked and angry as the averages start to fall apart during this "summer rally" that turned into the "summer rout". I submit to you that scenarios one and two are "in the market" but the third scenario is most definitely NOT in the market. Pricing in the third scenario could be very, very painful for those complacent investors out there that only contemplated scenarios one and two.