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To: DO$Kapital who wrote (68890)	10/2/1998 4:35:00 PM
From: D.J.Smyth	Respond to of 176387

ot 15:22 DJS Some Analysts Downplay Fears Of A Global 'Credit Crunch' 15:22 DJS Some Analysts Downplay Fears Of A Global 'Credit Crunch' NEW YORK -(Dow Jones)- Despite the failure of hedge fund Long-Term Capital Management L.P., a Federal Reserve move to lower borrowing costs and a survey showing bankers becoming more cautious, some analysts said fears of a global credit crunch are overblown. When the Fed's Open Markets Committee on Tuesday lowered the interest rate on bank-to-bank loans, which form the basis for a wide range of business and consumer loan rates, it said the rate cut was designed to "cushion the effects on prospective economic growth in the United States of increasing weakness in foreign economies and of less accommodative financial conditions domestically." As Russia devalued its currency and defaulted on its debt; with Japan, South Korea, Thailand and Indonesia battling recessions; and the unprecedented $3.6-billion rescue to prevent Long-Term Capital Management from collapsing, the Fed was worried that the flow of funds through financial markets would be disrupted. "I wouldn't call it a full-scale credit crunch," said Lawrence Chimerine, managing director and chief economist with the Economic Strategy Institute. A senior loan officer survey by the Fed found "widespread tightening" on standards and terms for large firms. The survey found 28.6% of large banks - those with assets of $15 billion or more - had said standards for large and middle-market firms had "tightened somewhat" in the past month. "Banks have changed their assessment of the current environment going forward, especially since August, said Keith Leggett, senior economist with the American Bankers Association. Leggett said he's heard "anecdotal" reports of tightened standards and increased spreads on loans. But he also said the demand for loans has also fallen off as businesses have scaled back investment plans. The market for syndicated loans was particularly hard hit by the lending contraction, Leggett said, as Japanese banks have abandoned the market, something the Fed survey also noted. "Historical data suggest that tightening of bank credit standards must be considerably more pervasive than recently reported in order to represent the type of tighter conditions helping to generate the last recession," said economist Maury Harris, with PaineWebber Economics Group. In the early 1990s, a severe contraction of lending by banks - in response to failed loans and new regulatory requirements - was held by many to be at least partially responsible for a recession. "They were just risk-averse across the board. Now, it's very different," Chimerine said. Copyright (c) 1998 Dow Jones & Company, Inc. All Rights Reserved. 10/02 3:22p CDT

To: DO$Kapital who wrote (68890)	10/3/1998 12:32:00 AM
From: Dr. David Gleitman	Read Replies (4) \| Respond to of 176387

Re: Gee, I'm kinda gettin' addicted to this boldface thing....David Gleitman, WHERE ARE YOU??? :-) I'm too busy sulking.... I had an earlier case and brought my computer to the center figuring that I will monitor the action and place an order in. To my #@$$*&^% suprise , my notebook PC communication's software got all screwed up and wouldn't let me communicate with the outside, preventing me from getting an order in that I swore would get me in to buy DELL at 59. I've been cursing all day long, kicking myself for missing the boat. Can't we create another (short term) crisis on Monday, just long enough for me to pick up some DELL below 60. How about starting a rumor that the Central Bank in Micronesia is having a run on their calanders/pens/keychains, thereby causing a world wide panic. That ought to do it. Best of luck to all (especially me) Remember NSD David BTW: How do you turn off this bold thing????