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To: Monty Lenard who wrote (9773)	11/29/1997 3:27:00 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 18056

Claude, your story reminds me of the real estate market in the 80th's I pesonally know several people doing just that. And those days the same stories just repeat themself. Later I was involved in seling real estate properties which the banks forclosed, and I will leave to your imagination, who bought those properties back at deep discounted prices. After a few young months later they sold the properties again, fully financed this time by banks who are now "securitizing" those mortgages. People who declared bankcrupcy in 90/91 are back trading/owning real estate in the low 8 figures (per unit)again. I whish I had the inpertinance to lie or misrepresent facts as they do! Well they learned from WS. And more to the point if they stumble they have enough assets/money from the various "refinancings" to hire powerfull attorney's who take them out of trouble. Obviously some people never learn as long as their job is secure and no damage to their personal wealth occurs. The taxpayer and shareholder will ultimately cover all mistakes and excesses. Haim

To: Monty Lenard who wrote (9773)	11/29/1997 4:34:00 PM
From: Jack Clarke	Read Replies (2) \| Respond to of 18056

TClaude and all: Great story. Now I am beginning to understand how and why the US lends money to Japan so they can lend it back to us by buying our bonds. FWIW, some interesting excerpts from the latest Barrons: 1. Yield curve is flattening (MW15) usually a prcursor to higher long term interest rates. 2. In Fed Data Bank (MW105) I see the greatest negative change in foreign holdings of US debt in my recent recollection. Are they selling US treasuries? 3. This topic is also discussed by Randall Forsyth in his article (MW 13): "Treasury securities held in custody for foreign accounts at the Federal Reserve plunged nearly $8 billion in the week ended Wednesday as central banks sold dollar assets to support their own sinking currencies. Since early September, central banks abroad have dumped some $30 billion of Treasuries." 4. I know Sankar Message 2816674 felt that the US and Japan had agreed not to let this happen, and maybe I am overreacting if the amounts are small, but it does seem worthy of note. Jack