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Non-Tech : Derivatives: Darth Vader's Revenge -- Ignore unavailable to you. Want to Upgrade?

To: see clearly now who wrote (155)	9/24/1998 10:21:00 AM
From: Henry Volquardsen	Respond to of 2794

Arnold, not to specifically defend Long Term Capital but I think the MBS activity does satisfy your dad's criteria. The MBS market does add liquidity to the market which provides us with the flexibility in the types of mortgages we as individuals can obtain and our ability to refinance whenever we want. The activity of big speculators in the MBS provides the liquidity the mortgage originators need. Henry

To: see clearly now who wrote (155)	9/25/1998 8:56:00 AM
From: Worswick	Read Replies (1) \| Respond to of 2794

Arnold hello today. A further answer to your question of bankers adding value and the financial services adding value comes down to a point that in order to get any business, farm, or even educational institution up and going you need money. The reason the world has done so well in the last twenty years is that we have had an explosion of liquidity. It has led to the world wide growth of the middle class. And hooray for that! I don't really trust aristocrats, kings, bankers who inherited their wealth, or lawyers who inherited their position in the firm. At this point I don't trust most politicans. For that matter I don't trust postmisstresses in small towns who earn more than anyone else in town. My best to you, Clark