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To: kech who wrote (14968)	9/13/1998 7:15:00 PM
From: marginmike	Read Replies (2) \| Respond to of 152472

The problem is that The US housing market can only buoy the world economy for so long. I hear that this week Canada will be the problem of the week. I have a MLynch Analyst friend and he says there is a rumor about canadadian announcements this week! That will really test the 7400 levels on this market!I really hope he is incorect

To: kech who wrote (14968)	9/13/1998 9:19:00 PM
From: gdichaz	Respond to of 152472

To Tom: Yes. But the point is that the cut to as close to zero as the Japanese can get for practical purposes while meaningless in itself and certainly ineffective in itself is a sign of how serious the Japanese are. Interest rates will in no way now be an impediment to renewed growth - not an effective stimulant - but minimum drag. It would help if US acted with equal smarts re our interest rates - namely a small reduction now would help us and the world as well. Since Greenspan is at base an interest rate hawk, that is doubtful. His record is one of interest rate reductions too little and too slow. Just IMO of course. No reason to assume otherwise now. Too bad. Chaz