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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: James F. Hopkins who wrote (26483)	9/4/1998 9:39:00 AM
From: Joseph G.	Read Replies (1) \| Respond to of 94695

<<Not only that I own more of your debt than you own of mine, and I collect more interest than I pay out.>> It so happens that reality is: US is a net debtor, and is by far the largest debtor nation in the world ... << I could go on but this is fruitless and goes no where.>>

To: James F. Hopkins who wrote (26483)	9/4/1998 10:19:00 AM
From: yard_man	Respond to of 94695

Your statements are simply amazing. I'll leave it at that.

To: James F. Hopkins who wrote (26483)	9/4/1998 11:33:00 AM
From: yard_man	Respond to of 94695

See the bolded portion: Friday September 4, 11:11 am Eastern Time Merrill cuts S&P500 '98, '99 earnings estimates NEW YORK, Sept 4 (Reuters) - Merrill Lynch said Friday it was cutting its 1998 and 1999 earnings estimates for Standard & Poor's 500 companies given ''huge uncertainties'' in the world economy. Chief Economist Bruce Steinberg said in a note that Merrill was paring 1998 operating earnings per share for the S&P500 to $44 from $45 previously. The estimate for 1999 was shaved to $46 from $48.50 previously. If accurate, the Merrill estimates would represent a one percent decline in 1998 S&P500 earnings per share versus 1997 and a 4.5 percent rise for 1999 versus this year. ''Given the huge uncertainties overhanging the world economy, risks are mainly to the downside,'' the note said. Merrill forecast gross domestic product growth of about 2.0 percent through the first half of 1999, adding the pace could accelerate after that if the Fed eases sufficiently. ''Growth prospects for every region of the world have deteriorated. Asia remains in severe recession. We expect Latin America to slow and it is at risk of recession. With the Bank of Canada tightening policy, Canada also seems sure to slow,'' Merrill said. The note added that while Europe and the United States have been stable, neither is immune to global events. Merrill estimated foreign earnings account for one-third of U.S. corporate profits and even more for the large cap stocks that dominate the stock market. In the second quarter, foreign earnings were down about five percent from the year ago period and further declines are likely, the firm said. Domestic earnings were not much better, according to Merrill. Domestic profits for non-financial companies fell 1.2 percent in the second quarter from the year-earlier period. The weak performance came at a time when GDP grew 3.6 percent and domestic demand rose 5.4 percent in the year through the second quarter. ''Strong volume could not offset weak pricing in a generally deflationary climate,'' the firm said. ''The U.S. economy won't be growing anywhere near its recent pace during the next year. Slower growth means less pricing power, not more, hence the downside risk to earnings.''