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To: Investor-ex! who wrote (16272)	8/21/1998 11:26:00 AM
From: Ahda	Read Replies (1) \| Respond to of 116795

Well i guess it is called unity. vbg

To: Investor-ex! who wrote (16272)	8/21/1998 2:55:00 PM
From: Dwight Taylor	Read Replies (1) \| Respond to of 116795

If I'm not mistaken the credit card lobby has already succeeded in passing legislation protecting its interest in the area of personal bankruptcy. I recall reading about this months ago. The lobbyists had appealed to Congress to make it more difficult for debtors to eliminate credit card debt. Now it makes sense. The Feds were behind it all the time.

To: Investor-ex! who wrote (16272)	8/21/1998 11:57:00 PM
From: Alex	Respond to of 116795

Market sell-off is 'Orange County worldwide'ÿCrises in Russia, Asia, Latin America are of extreme proportions ÿCNBCÿAug 21 -ÿWill the U.S. remain an island in a sea of recession? That is the question many investors asked Friday, as the global economy shows increasing signs of strain. ÿ ÿ ÿÿ ÿ ÿ ÿ ÿ ÿ Russia crisis roils global markets Bond yields plunge to record lows U.S. stocks claw their way back from steep slide Asian-Pacific markets slip; profit-taking hits Hong Kong ÿ ÿÿ ÿ ÿ ÿ ÿ ÿMAJOR FINANCIAL institutions are said to be reeling from the potential losses they face from their Russian investments. The hedge fund community is flowing red thanks to their exposure to the Russian ruble and interest rate derivatives. Nearly everyone is unsettled by the latest political and economic developments in Moscow, Washington, Tokyo and Caracas. ÿ ÿ ÿ ÿThe U.S. stock market is holding up relatively well given the bloodletting. As a result some on Wall Street are speculating that the U.S. could be nearing a liquidation bottom as the hardest hit and weakest investors get cleaned out and stronger hands take over. ÿ ÿ ÿ ÿHowever, in the past such a "liquidation bottom" frequently was associated with an official reduction in U.S interest rates, which may or may not be in the offing. ÿ ÿ ÿ ÿRecall the Orange County bankruptcy in late 1994. Credit spreads widened then as they have recently. Orange County went bust based on bad derivative investments. Then the Federal Reserve eased and launched the next big wave of the U.S. bull market. ÿ ÿ ÿ ÿWhat's going on today is Orange County worldwide. Russia's effective bankruptcy, Japan's insolvency, Asia's depression and Latin America's coming crisis are all crises of extreme proportions. ÿ ÿ ÿ ÿIf the Fed acts, according to some, the U.S. may be able to save the day. If not, many investors wonder how U.S. corporations and the U.S. economy can avoid feeling the pain of this global economic crisis. ÿ ÿ ÿ ÿMany key indicators are screaming deflation. The yield on the 30-level Treasury bond is at its lowest level ever. The yield curve has inverted in the U.S. ÿ ÿ ÿ ÿThe continued decline in the Commodity Research Bureau Index forecasts, at the very least, more disinflation if not deflation. ÿ ÿ ÿ ÿSome say the U.S. economy is far too strong to get caught in a deflationary recession. But economists very frequently miss key economic terms. ÿ ÿ ÿ ÿThis will be a tense weekend. Global investors are waiting for terms of the Russian debt-restructuring plan - hoping it won't demolish foreign investors. Data provided by Microsoft Investor ÿ ÿ ÿ ÿMany are watching Hong Kong stocks which fell 2.78 percent Friday. The Hong Kong Monetary Authority didn't directly intervene in the stock market, but four hedge funds shorted the Hang Seng at the close, challenging Hong Kong officials to do something about the market. ÿ ÿ ÿ ÿVenezuela is rumored to be preparing a currency devaluation, despite their official denials. Bear Stearns chief international economist David Malpass says there is a 50 percent chance the devaluation will happen. Malpass says a devaluation would be a big negative - not a small one - for Latin America and maybe the world. msnbc.com