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To: Robert Douglas who wrote (5420)	8/7/1998 4:59:00 PM
From: William Epstein	Respond to of 7841

Robert Douglas; Well, you have the advantage of perspective. That's something. They disappeared during the 87 crash because they caused it and then it got out of control. They caused crashes in July of 96 and 97 and kept them under control but disappeared because they wanted to cover at the bottom when the panic selling took place and would feed into their covering operations and reaccumulate for the rallies that followed. They do act in concert to maintain control of the marketplace. They can do it efficiently because many specialists firms are controlled by investment banking firms which are in turn controlled by the same 10 or so brokerage houses. Now that the big banks are buying brokerage houses since deregulation and they ultimately supply the capital the we see vertical intergration of capital and franchise (control). No surprise. Money talks and you know what walks. William Epstein