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To: Electric who wrote (49940)	8/14/1998 11:09:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 58727

Hey Electric...if you can't trust your friends, who can you trust? Message 5503097 Stormy waters dead ahead. I think the disconcerting thing that is overlooked with BC & Monica is: Who was minding the store while they were in the back room? Apparently nobody...and the market will be reacting efficiently. A ship with no one at the helm always crashes.

To: Electric who wrote (49940)	8/15/1998 10:56:00 AM
From: j g cordes	Read Replies (3) \| Respond to of 58727

The markets have done better with less tweaking by the Fed. The real cost of money is probably high given the precipitous drop in commodity and currencies. However there are always advantages and disadvantages to these issues. The advantage has been increased buying power for many Americans, especially for imported goods. We've also attracted and maintained considerable foreign investment in our Treasuries lessening the tax burden of public debt. The stock market will not suffer appreciably with interest rates staying where they are, in fact valuations have exceeded historical norms quite well without any encouragement from the Fed. The real battles are being waged in international currency and debt wars. China, Japan, Russia, Germany, Great Britain.. are all striving to avoid devaluations in any particular currency because it can lead to dramatic and sometimes cascading readjustments that take years to work out. Jim