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To: Terry Rose who wrote (9206)	4/3/1998 12:42:00 AM
From: PaulM	Read Replies (1) \| Respond to of 116897

Read "USA today" this morn: Money section said GE and Microsoft grew faster this Q in terms of total market cap than THE SUM TOTAL GOODS AND SERVICES GROWTH IN THE ENTIRE US ECONOMY OVER THE SAME PERIOD assuming a 4% annual GDP growth rate. A few months ago, I would have said that the U.S. will survive the coming economic hurricane much better than Japan and the rest of the world, if only because of its adherence to free market principles and because its bubble wasn't as inflated. Not any more. It's unclear who will win the coming no win situation. Japan at least had a booming economy at one time, and its markets deserved to trade at a premium. When all is said and done the first Q, I'll bet the average PE goes to 30+ in U.S. markets. In part because the Fed or the treasury bailed out the market in October. And Amercians are the worst savers in the world. With everyone in debt, the political pressure to trash the dollar will formidable.