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To: Les H who wrote (178015)	7/8/2002 12:07:44 PM
From: Giordano Bruno	Read Replies (1) \| Respond to of 436258

Quote of the day? "Rebuilding confidence in the future value of currencies is even more important than rebuilding confidence in U.S. bookkeeping," Malpass said in a note to clients. Double dip, dollar concerns 'overblown': Bear Stearns By Tomi Kilgore Economist David Malpass at Bear Stearns feels worries over a double dip recession and current dollar weakness are overblown, as he believes the U.S. economy is in a "sustainable, piece-by-piece" recovery. Meanwhile, he thinks the strength of the recovery into 2003 is reliant on currency stability. He pointed out that U.S. bonds rallied in June as stocks fell, indicating that there was no "sizable" capital flight out of the U.S. "Rebuilding confidence in the future value of currencies is even more important than rebuilding confidence in U.S. bookkeeping," Malpass said in a note to clients. "Unfortunately, governments in the U.S., Japan and Brazil aren't aiding in the confidence rebuilding process."