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To: yard_man who wrote (6878)	9/23/1998 5:17:00 PM
From: Rambi	Read Replies (2) \| Respond to of 86076

Tippet, I've been listening to CNBC all afternoon and one becomes convinced that either there were two AG speeches given or there is a language that the normal person doesn't understand, so full of nuances and double entendres is it. Apparently the latter is true. CNBC (who added the word URGENT to the need for action about an hour after the initial speech) had an "ex-under-assistant- under- the -assistant to the secretary of finance" on, and he said there was no doubt that AG meant a rate cut and that AG was sure he could deliver on it next week or he never would have said what he did as he knows the power of his words on the market. THere seems to be little question that this is what the market now expects him to do. It was amazing to watch a suspected inference grow to a perception to a belief to solid fact. I was amazed that a man could use so many words to say so very little, but then be understood to have said so much. It must be a gift.

To: yard_man who wrote (6878)	9/23/1998 8:35:00 PM
From: Tom M	Respond to of 86076

<..the answer, as it always has been, is less leverage, i.e. less debt, more equity, and, hence, a larger buffer against adversity and contagion.> an excerpt from the AG speech. Well, any interpretation of anything is possible, but I could actually see a hint at a rate INCREASE in margin here. Also couldn't see the clear "Urgent" statement we're destined for a cut ASAP, next week at the latest!!!. ;-) I just can't see him endorsing DOW 10K with a quick rate cut, with the knowledge that more cuts will follow to spur the market media machine well past 10k - who cares about earnings when your stock's splitting again!!! - nfg Interest rates are the only possible deflator of the bubble - sure as hell Wall St. has proved they'll create a "new era" when allowed. I hope AG doesn't have to play the fool to the street once again. sigh, Tom