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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Elllk who wrote (8365)	11/17/1997 11:35:00 PM
From: Rational	Read Replies (3) \| Respond to of 18056

Larry: Major bank defaults in Japan and world goes on a major buying spree! Actually, the market went crazy because BOJ extended help to rescue big banks by declaring that the top 20 banks were too big to fail. The market had heavily shorted the bank stocks and so there is a short sqeeze. Previously, the market did not know how the broke government could help banks. But, the talk of infusing pension funds made sense to everyone. Most Asian markets (except Japan) are down now, taking us back to the standard deflation issue. The blip in Japan is simply developing blinkers on the bulls' eyes for some more time. Sankar