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To: Jim McMannis who wrote (37831)	10/27/1997 5:20:00 PM
From: Road Walker	Respond to of 186894

Jim, I'm not sure that Greenspan will see the market as low on a valuation basis. Compared with '87, this has been a minor event. If we have entered a bear market, where valuations come back to historic levels, I (personally) would rather see a fast sharp decline of another 1500+ points than a slow decline over 3 or 4 years. Not to say that this is a bear market, but it certainly could be. The next couple of days should tell us a lot about where the market will go from here. John