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To: John Chen who wrote (58017)	6/15/1998 4:34:00 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 186894

It's hard to generate a slow down when more tax breaks went to Real Estate and lower rates help real estate. What WE are doing is giving a gift to Japan by bailing out their banks in a round about way. Japan has no reason to stimulate has long as they can play the money market spread between borrowing at 1% and lending it to us in the form of buying treasury bonds at 5 3/4% and collecting the difference. This is keeping them afloat with the hope they can collect some of that bad debt. Meanwhile the dollar gets stronger and the yen gets weaker. Asia tanks and our multinationals suffer because Asia can't buy. Jim