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To: Joseph G. who wrote (7233)	9/30/1998 8:34:00 AM
From: Defrocked	Read Replies (1) \| Respond to of 86076

I'm sure many bears went through a gut check yesterday too.<ng> But at least they reexamined the landscape and found it unchanged from their perspective: No earnings growth or hope of positive surprises given current valuations. Bulls, OTHO, are still making excuses and pepper their outlook with wishful thinking: "25 bps is better than 50 bps because it implies the Fed will do more in the future" said one bobbing head on the tube last evening. Really??? And what will happen to earnings as the economy slows, providing the justification for such a Fed decision? And how will our trading partners fair in that scenario? Foreign markets, especially those dependent on credit ease, recognize the import of the recent FOMC meeting. US Bulls must come to grips with the fact that the Fed is in business to support the bond market, not equities. And that there is no "quick fix" for the credit deterioration occuring around the world. BWDIK.