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To: SecularBull who wrote (64350)	9/9/1998 11:11:00 AM
From: Lee	Respond to of 176388

Steve,..Re:The Fed will move to stimulate the economy; not the market. Regardless of DOW 9000, the Fed will lower rates if they believe the economy is in danger of entering a recession. You are exactly right. Many don't understand that the Fed's mandate is first and foremost the US economy and we didn't get to Dow 9000 because the Fed was ignoring their responsibilities. Earnings are what will get us there again and stable prices and low rates provide the right environment. However, it is worth remembering that the impressive gains accomplished were done in a higher rate and decreasing inflation environment, so given these facts, it's reasonable to deduce that the current environment is not the result of domestic economic fundamentals but the result of global worries. Fear & uncertainty played out in all the markets. (Domestic political situation doesn't help either.) Regards, Lee