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To: Bucky Katt who wrote (9431)	8/19/2001 2:27:01 PM
From: James Strauss	Respond to of 13094

William: You've been connecting the economic dots for a long time... The Forbes cover about a possible housing crash should sell a few more magazines... : > It was pretty obvious to some of us that there was a different character to the layoffs in the past year... The majority have been white collar, middle income level... Just the type of people that buy homes, condos, and co-ops... The lower interest rates and relatively low unemployment rates have helped sustain the housing market during the first wave of prime buyer layoffs... As the second and third wave gets separated from their weekly paycheck it's going to put a drag on demand... Already, it's beginning to take longer to sell many properties that went quickly over the past few years... The main focus of the FED should be to get as many people back to work as soon as possible... A 1/2 point rate cut would give the market a jolt and free up some of that sideline cash... We don't need the rippling effects of a weak housing market in the midst of the current tech sector recession... Jim