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To: Mohan Marette who wrote (8843)	11/13/1997 11:47:00 AM
From: Mohan Marette	Respond to of 97611

Greenspeak-"conspicous construction" the phrase of the day. Greenspan's testimony is going on as I write this and the market is giving up some of its earlier gains. In case you haven't been listening,following are some of the things he pointed out and I paraphrase:- The Asian turmoil will have a modest effect in the U.S economy,but nonetheless it is not going to be INSIGNIFICANT. Thailand,Indonesia and Malaysia combined represents 4% of U.S exports, and another 12% of the U.S exports goes to Hong Kong,Singapore,Taiwan, and South Korea. He went on to say part of the problems arose from the 'conspicous construction' that was going on in these countries,as these overvalued real estate assets in turn ended up as collateral in the banking sector adding fuel to the already troubled economies/ He also stressed the importance of the world financial institutions (such as the IMF,and the World Bank) and goverments in helping these countries to overcome the present predicament.