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To: Richard Makowiec who wrote (2502)	1/12/1998 8:43:00 AM
From: Oeconomicus	Read Replies (1) \| Respond to of 2601

I hope you guys are kidding about real estate, even US R/E. That's the last place (or one of the last) you want to be if we are going to see real deflation. Heck, even just a mild recession and R/E prices suffer. Don't know about Michigan or California (except there's probably still a lot of Asian money in CA R/E), but Atlanta's been on a speculative building binge, in commercial and residential. All it takes on the commercial side is banks deciding they aren't so hungry any more. Keep your powder dry boys. Better buys down the road, just not right around the next bend. And don't be suckered in by a bounce. This time, it'd be a bull trap. Or is that "new paradigm" thing still around? Bob