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To: Karen E Hoof who wrote (16192)	8/20/1998 3:51:00 AM
From: Bobby Yellin	Read Replies (1) \| Respond to of 116778

Hi Karen: re Rubin..he has not been supportive of the Yen in the sense that he has been screaming at the Japanese "do something do something do something 2=greenspan not raising interest rates... these people are not frozen but acting.. check this one out biz.yahoo.com no big deal but watch for major corporations to come into the demerging markets at piranna prices and eventually there should be turn arounds Derivatives are also insurance..and are two sided..some betting on the other side must have made a bundle... don't think the mergers are cover ups because all of the records have to become public to the other party and insolvencies would be fully shown..in the game right now bigger is better..wait for another cycle and see them do the same foolish things and then watch for another bailout.. don't think Rubin conspired to have Japan enter this state..just think Japan is in a quagmire of its own doing..they never lowered taxes when properties were on the rise and people just couldn't afford to sell their property so the government allowed corporatios to use the bubble real estate for margin in equities..the competition from the South East emerging countries really kicked in..and Japan helped create our bubble by letting banks borrow at ridiculously low rates and buy US treasuries at much higher rates to get the no brainer spread.. If gold or a basket of commodities had been a standard..there would be a lot less flim flam in the market.. I wish you would get started on healthcare..41 million americans without it in these "ebullient times".. I joke with a friend about not that more people are off the welfare roles..who will people scapegoat next..older citizens? ps. don't know about the BA with Seafirst..so maybe you are right about some of these mergers.. ps. I knew what you were talking about when you mentioned derivatives..when the US enters its next recession which seems far off still(after hearing those housing starts) and if Japan hadn't gotten its act together..then maybe people will blame derivatives for a potential gruesome affair..I will still blame it on no gold standard myself :>