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To: Linda Kaplan who wrote (54719)	10/4/1998 11:37:00 PM
From: Stoctrash	Read Replies (1) \| Respond to of 58727

Jerry's been good on the turns, but not so hot on executing his plan. He's called some great moves no doubt....but failed to get positioned and MISSED several of these drops cuz he wanted to wait "one more day" or for "the next rally"...when in fact we gap down hard while he's strokin' it. Don't bet the farm. BTW... you know it's bad when: Your leaders are tossing Ideas around.... Sunday October 4, 11:06 pm Eastern Time FOCUS-More ideas than concrete plans at IMF, G7 By Janet Guttsman WASHINGTON, Oct 4 (Reuters) - International policy-makers wound up two days of meetings in Washington on Sunday with warnings about slowing growth and promises of change, but no clear course of action to resolve financial woes. The Group of Seven industrialized countries, in the first of two major weekend meetings, agreed that the crisis sweeping through emerging markets could slow world growth, but insisted that it was up to each country to decide how to react. Their statement dimmed any lingering hopes on financial markets that there could be concerted cuts in interest rates. ''It sounded a little bit empty,'' billionaire financier and philanthropist George Soros said as he entered the concrete and glass headquarters of the International Monetary Fund, scene of some of the weekend meetings. The IMF's policy-making Interim Committee later said that they would ''explore in a strengthened capacity'' a U.S. proposal to use as yet unavailable IMF resources to provide contingency funding for countries that get into trouble. ''Explore means take into consideration, study further, review. It's difficult to add anything to that,'' Interim Committee Chairman Carlo Azeglio Ciampi told a news conference. He gave no timetable for action or details of reform. Both communiques -- Saturday's 4-page statement from the G7 and Sunday's 7-page one from the Interim Committee -- called for strong action. Markets, which had expected the two to be the ones taking action, gave it a clear thumbs down. Japan's Nikkei index ended the morning session 1.87 percent lower. Hong Kong's Hang Seng Index opened 2.94 percent lower and fell further as trade went on. ''Strengthening the response to the current crisis and creating a modern framework for the global markets of the 21st century will not be easy or quick, but we must continue to move forward with care and seriousness,'' U.S. Treasury Secretary Robert Rubin told the Interim Committee. The meetings precede three days of more formal talks during the annual gatherings of the World Bank and IMF, and took place amid increasing concern about the state of the world economy. Japan is mired in recession and the financial crisis that started in Thailand last year, spread first across Asia and then to Russia, is now threatening Latin America, especially the continent's biggest economy, Brazil. IMF Managing Director Michel Camdessus said a package could be ready soon to help Brazil weather the deepening financial storm, but he stressed Brazil had not formally asked for help. ''I hope we will soon be in a position to clarify the state of our relations,'' Camdessus said. ''We have been working with Brazil, examining a whole spectrum of measures which could be part of a package ... I could imagine that this could be done soon.'' IMF officials insist they are ready to help Brazil if needed, but the U.S. Congress' failure to approve $18 billion in additional funding means that the institution is desperately short of cash after controversial multibillion-dollar rescue deals in Asia and Russia. ''All other countries are ready to make their contributions,'' British Chancellor of the Exchequer (finance minister) Gordon Brown told a news conference, expressing hope that Washington would soon approve its share. But Congress could go into recess as early as this week, making it increasingly difficult for lawmakers to reach a compromise with the administration. The IMF, traditionally in favor of free capital markets, also criticized the idea of controls on capital flows, but said at the same time that it would examine the circumstances under which such controls could be appropriate. It, along with the G7, called for transparency and accountability and promised a bigger role for the financial sector in resolving future and existing crises.

To: Linda Kaplan who wrote (54719)	10/4/1998 11:43:00 PM
From: HairBall	Read Replies (1) \| Respond to of 58727

Linda Kaplan: I know this is a pretty jet-set-y group Yes, I keep my Jet in its private hanger out by my six bay garage! I don't use it much, the Helicopter is much more practical around town! <g> Regards, LG