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To: HH who wrote (4701)	8/29/1998 12:37:00 AM
From: Joseph G.	Respond to of 86076

IMHO, it would be against their duty and the mandate to maintain sound currency if they drop discount rates every time a few bullish stock speculators got hurting. And the bull is mortally wounded already, so dropping rates now will not likely save it. Could cause a rally for a week or two, which will be used to unload by big stockholders and to reestablish short/put positions by few bearish speculators. At a recent check, the grand total of realistically possible maximum imaginable put profits from OI on listed stock and index options is just $2 to 5 Bill - not a ton compared to the market cap.