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To: DaveMG who wrote (15108)	9/17/1998 12:34:00 PM
From: dougjn	Respond to of 152472

The office of the comptroller is warning banks to stop lowering lending standards. I.e., the comptroller is saying (no doubt in consultation with Greenspan) that banks had better be taking steps to be sure they can weather a contraction, and will not face liquidity problems. Does that sound bullish to you??? Does that sound like more credit to you? The clouds are darkening right here, in River City, fast. Meanwhile, reports are that Buffet has been selling Coke, etc. Sure, this too will eventually pass. Personally, I think dry power is best until the monsoon season passes. Doug

To: DaveMG who wrote (15108)	9/17/1998 1:57:00 PM
From: Sawtooth	Read Replies (1) \| Respond to of 152472

<<Yes, I too noticed in the last few days the quiet but grudging admission from people like Rubin that we're facing the most serious economic crisis of the last 50 yrs>> Yet, befuddling to me, if you talk to the "average" man or woman on the street, their view is likely to be that things have never been better and will continue to be so. What will be the reaction when these people see that the huge fan is just now being assembled, the manure trucks are starting to unload, and the fan is continually being adjusted, little by little, to spray in our direction? (A crappy metaphor, admittedly.) How I'd love to be wrong on this.

To: DaveMG who wrote (15108)	9/17/1998 3:38:00 PM
From: dougjn	Read Replies (1) \| Respond to of 152472

Since I just KNOW you are dying to have me pontificate some more about the importance to the U.S. of the collapsing developing world, here is a quote from Cramer on Brazil. He wrote it two days ago, but I just read that particular piece a little while ago. (He is, by the way, struggling to be bullish. In seemingly ever narrowing sectors and shorter periods of time.) Here's a strange Catch-22 for you, though. If Brazil's currency collapses, many other things will go wrong around the world. So you must believe the line in the sand around Brazil will hold if you want to own any stocks, let alone Telebras. Yes, Brazil, unlike Russia, is that important. It wouldn't be if Japan weren't in such trouble. But it is precisely because the system can't handle multiple collapses all at once. That, in essence, is what George Soros said yesterday, and I believe him.