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To: Paul Merriwether who wrote (131408)	9/18/2001 8:29:54 AM
From: GST	Read Replies (1) \| Respond to of 164684

"There is still no sense of "panic" in the market" I would prefer to see it from another viewpoint -- there is still no sense of valuation and risk. We have not even priced-in the discipline of valuation. I can spin tales to increase the level of "panic", but panic is not what I want to see. I just wish people could more easily arrive at a realistic understanding of where prices need to go before we reach a bottom. I would also like people to have a more realistic concept of the risks in a war against terrorism. We are inclined to see the short-term and to view the objectives of our enemies in narrow and immediate terms -- to see their actions as if guided by our own logic rather than by their logic, goals and timetable. By doing this we are blind to our real threats and opportunities -- just as we are blind to the ways in which we unintentionally help our enemies to win against us -- and we can no longer afford that. By getting the "leaders" of the Muslim countries to side with us in a "holy war" we set the stage for the Islamic revolution to over-turn these pro-western leaders. A holy war in Pakistan is not what we need at the moment -- a country with the technology we most fear if it becomes available to terrorists. The stakes are high. People buying stocks now in the hope of a quick, clean, meaningful victory are out of their minds IMO.