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To: MeDroogies who wrote (8450)	9/23/1998 7:56:00 PM
From: Trey McAtee	Read Replies (1) \| Respond to of 19080

me-- no, we havent. we havent even begun to fully account for the problems. what happens when hundreds of billions are repatriated to japan out of US treasuries, for example? we STILL dont have a number yet for banking crises, let alone the pension fund crises. so far the most people can do is talk in terms of a multiple of the US S&L crises. what no one wants to talk about, maybe because they dont understand, is that japan has not gone from a slowdown to a minor recession. -5% 'growth' in a q is a depression. everyone is acting as if its summer 1995 again and all is well. anything we can use to possibly justify an increase in equities is used. now its a rate cut. what happens when we dont get it? what happens when there isnt any earnings growth? good luck to all, trey