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To: RGinPG who wrote (9390)	1/23/1998 9:37:00 AM
From: Lucretius	Respond to of 95453

DITTO

To: RGinPG who wrote (9390)	1/23/1998 9:59:00 AM
From: TREND1	Read Replies (2) \| Respond to of 95453

Ron You wrote: << The problem I have with this PEngr guy (I'm sorry, I just can't keep silent about this), is that he is bearish because he is predicting an OVERALL BEAR MARKERT. This is out of his area of expertise, and it flies in the face of every previous bear market being preceded by RISING interest rates, NEVER falling rates. Ron I spent many many lunch hours at the San Francisco Federal Reserve Library reading data, which required an understanding of statistical math, t values, etc..... Well do not count out PEngr..... Look and study the 1922 to 1933 time frame. Federal Reserve studies "show" that when "inflation" is very very low, like it is today, the stock market rises very high, but (and this is important)....the bear can come with "low interest rates" In fact during the great depression the 3 month T Bill had a negative interest rate. Larry Dudash