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To: Alex who wrote (6470)	1/22/1998 6:43:00 AM
From: Bobby Yellin	Respond to of 116759

Rubin's saying that the situation would have been far worse if the IMF didn't step it suggests how really incredibly bad things are.. He said he doesn't believe that the market can correct itself but needs help from governments..he was weak on that one since he mentioned the SEC etc..of course investors need agencies to regulate illegal trading(which they really don't anyways since if one watches stock action long enough, one sees that some people know way ahead of time the deals down the pipe whereas others don't have a clue) although companies do have to be careful what they release) He seemed to imply that investors are on their own in case of big losses..which I translated to mean that his psyche isn't concerned with the risks generated by US policies... He didn't seem to address the issue that we exported our inflation to Asia which has begun to hit us in our face. With IBM and its smaller float now coming in below expectations and predicting not so rosy a next quarter, and if it is true that Microsoft,although beating the street, announced not rosy a next quarter looks like big trouble ahead for Dow. If earnings are going to be impacted more greatly in the summer, when the Asian meltdown should really hit earnings, and the clarification of the EMU should be present, it will truly get interesting.. Also it appears that Japan is waffling again..doesn't sound like a "team player". Small caps whose earnings more related to domestic economy should start doing well now and usually gold does better when small caps start running.. (This time around Clinton's teflon coating might be scratched which could also affect dollar since market hates uncertainty-good for gold) (wouldn't it be an incredible world if all felt we were children from the same source) -re Japan biz.yahoo.com