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To: Mike M who wrote (19855)	10/3/1998 11:03:00 PM
From: JBL	Read Replies (1) \| Respond to of 164684

Mike : A bottom will be reached when the pain of the medecine to cure the banking system is being felt. Banks all over the world are now reviewing their risk assesment practices. And what is coming is much tighter credit, both for emerging markets and for developped countries. All the promises, plans and speeches by politicians about bailout money and the need to preserve growth will not change the fact that banks will become more conservative, and that for sometimes (1 year, 2 years, or maybe more), the growth of all economies will be affected. This is a fundamental shift that will take time to be dealt with, and this is why calling the recent downward move a correction is not realistic.