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To: Bobby Yellin who wrote (8710)	3/23/1998 8:50:00 AM
From: Abner Hosmer	Read Replies (1) \| Respond to of 116758

Find it interesting that the market is ignoring the slowdown in earnings. It takes no effort to divine the future anymore, slumps are temporary, earnings will recover, the market goes up, buy now, inflation is dead, Asia will not affect us, except to help slow the economy. We are just catching our breath for a moment, better get in quick, oops too late, the market is sprinting ahead. Better catch up. I live in an area of the US that has experienced phenomenal growth. It's a funny thing about growth. The only thing that can sustain it is more growth. If this economy tries to level off, this region may go flat on its back. The infrastructure they've put in is enormous. We need further growth to support it.

To: Bobby Yellin who wrote (8710)	3/23/1998 9:21:00 AM
From: Abner Hosmer	Read Replies (1) \| Respond to of 116758

Bond market prophesying doom for Japan economy biz.yahoo.com >>''We are on our way to becoming a run-of-the-mill country,'' said a trader at a regional bank, who asked that neither he nor his institution be identified. ''Japan will be downgraded.''.. ..''Ultimately, I think JGBs are junk bonds,'' David Roche, the president of London-based private research house International Strategy, told Reuters Financial Television recently. ''Effectively, they are backed by the government, but the government has wasted so much of Japanese savings on absurd projects that I think people will eventually realise that the asset backing of JGBs is poor,'' Roche said.<< There was an article in Forbes several months back that was not available in the online edition. The author called the JGB the "Time Bomb Bond." The argument was that if Japan ever raised rates, as it must eventually, all of the Japanese institutions who bought these bonds will get squashed... Large concentrations of them in portions of the financial sector, insurance industry was mentioned.