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To: Prognosticator who wrote (45373)	9/19/2001 1:05:26 PM
From: Steve Lee	Respond to of 64865

Re inflation. Bank of England reduced rates in the UK, even though inflation came in higher than expected this week. Madness !!! I actually think the markets would have tanked much worse had the terrorists not struck. Distribution has been going on for months but the sellers had to create BS upgrades to sell into, a bit at a time. They were running out of credibility and IMO were rapidly approaching the point where it was gonna b a rush for the exits, 1987 style (only worse). Now with the disasters last week, the Fed has stepped into the markets and given masses of liquidity to sell into. Thus delaying - and possibly worsening - the inevitable. Not sure on the economic effects of the loss of the WTC. I think it is too complex to predict. Sure, GDP will go down because of the lost financial activity. But whether that will effect the ability of the US to grow GDP in the future is debatable. As I think QS said, it is the indirect effects that are important - the lack of travelling etc.