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To: Earlie who wrote (199172)	10/22/2002 10:02:10 AM
From: Knighty Tin	Read Replies (1) \| Respond to of 436258

Earlie, Another great bit of analysis. Of course, nobody pays attention to one-time writeoffs. Until they mess up the balance sheet. Which looks pretty messed up already. Fortunately, they are still able to buy back shares. <VBG>

To: Earlie who wrote (199172)	10/22/2002 10:05:46 AM
From: stan_hughes	Read Replies (1) \| Respond to of 436258

Earlie - Do you remember the IBM 360 and 370 days and ITEL Leasing that used to middle the purchases of those great hulking CPUs? ITEL went down for the count in the end because they got all that obsolete equipment dumped back on their doorstep in either mid-lease or at term. Nasty business, that.....

To: Earlie who wrote (199172)	10/22/2002 10:57:21 AM
From: orkrious	Read Replies (1) \| Respond to of 436258

i just rejoined you on Beemer. You're doomed <vbg>

To: Earlie who wrote (199172)	10/22/2002 11:17:38 AM
From: yard_man	Read Replies (3) \| Respond to of 436258

my brother-in-law works there in the networking / communications side -- says he has lost a lot of work from "internal customers" which I suppose would be related to these lease type arrangements -- he is growing cynical himself about how financial performance there is "projected" to the financial community, FWIW. I still wouldn't short here, but would wait for the next leg. Good luck -- fundamentals will win on that one -- all these companies talking about cutting costs -- what's easy to cut -- two things, IMO -- people and upgrades to IT. run-up in IBM is just plain ignorant given EDS, but it isn't about fundies or a turnaround -- it's about money sloshing back and forth -- those investment flows have become large in the face of the cratering market caps -- much easier to swing stuff. I really think that AG, et al, think that all is required to get the e-con-o-me moving again is inflation -- re-inflation of financial assets can provide some temporary boosts, IMO, but not a self-sustaining rejuvenation -- doesn't mean we can't rally into March -- there are lots of people who still believe that stock prices are a forward baromoter and can't believe the losses they've sustained aren't permanent. That and our ponzi form of money can carry things a long way. Be careful, IMO.