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To: Jim Willie CB who wrote (2053)	7/13/2002 2:54:54 PM
From: Cactus Jack	Read Replies (2) \| Respond to of 89467

JW, The latest Mauldin letter (borrowed from CFZ): Message 17731443 "The Earnings Road Just Got Steeper Let's look at the list: 1. Pension assumptions must be made reasonable. 2. Accounting standards will become more conservative. 3. Options will likely be treated as an expense. 4. Boards of Directors will demand more open and conservative accounting. 5. Accountants and lawyers will be under serious pressure to justify any and all aggressive accounting and financing positions, with real consequences for being wrong. 6. CEOs and CFOs are now criminally liable for accounting misstatements. 7. Investors will increasingly be interested in true pictures of income and start ignoring EBITDA and other misleading "earnings" numbers. 8. Analysts will be under pressure to start making more accurate predictions. Little of this will happen overnight. But as time goes on, it will begin to take effect. And what it means is that P/E ratios are going to suffer. And that is not the climate in which a bull market starts to take shape. If analysts had told the truth about the last half of 2002, they would be projecting earnings which would show P/E ratios in the mid-40's rather than the 21 they now forecast. Since 21 would have been almost a record high just a few years ago, how comfortable do you think investors would feel if the best they could look forward to was more of the same? The recent woes of the stock market would pale by comparison." jpgill

To: Jim Willie CB who wrote (2053)	7/13/2002 3:40:32 PM
From: Cactus Jack	Read Replies (1) \| Respond to of 89467

JW, Good synopsis of the pending real estate problem: When will the real estate market crash? BY MARTHA SMILGIS Special To The Examiner Message 17702940 jpgill

To: Jim Willie CB who wrote (2053)	7/13/2002 4:19:15 PM
From: T L Comiskey	Read Replies (1) \| Respond to of 89467

uglier than me eh..? consider your sorry A$$ kicked.... you know I can do it..1 arm tied behind my back... go see Perdition....puddin head.. Its a good one t Offbeat News Saturday, July 13, 2002 Woman Attempts to Smuggle Lover in Suitcase ROME (Reuters) - A Belgian woman packed her Kurdish lover into her suitcase in an attempt to smuggle him into Italy, police said on Saturday. Customs officials at the southern port of Brindisi stopped 23-year old Cindy Q. on Friday after seeing her struggling with her suitcase as she disembarked from a ferry from Greece. When they opened the bag, they were amazed to see 26-year old Ismail Kilic stuffed inside. "There is almost certainly a love story going on between the two," said the deputy chief of the Brindisi customs office, Alberto D'Alessandro. Kilic was deported from Italy and put on the next ferry back to Greece. The Belgian woman was arrested and faces charges of organizing illegal immigration. Thousands of illegal immigrants pour into Italy every year in search of a better life in the West. In a bid to stem the flow, Italian lawmakers passed tough new restrictions this week, including measures to fingerprint new arrivals and boost patrols to keep undesirables away from Italy's shores.