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To: Lee who wrote (72559)	10/16/1998 11:16:00 AM
From: jim kelley	Read Replies (1) \| Respond to of 176387

Lee, Thanks for the link. LT is wishing that the advance would be narrow but clearly it is not. What fuels the optimism in the economy is the express, focused intentions of the G-7 to deal with the threat of recession next year. The world can not really afford a recession. The cost in human misery in Asia and South America would be too great and wholly unnecessary. To allow such a economic condition to grip the world would be malfeasance on the part of the governments that whose policies determine the matter. Greenspan and Rubin deserve a lot of credit. The interest rates need to be still lower to reduce the disparities between Japan and the rest of the G-7 countries. I expect further rate cuts this year. I do not think that Japan can raise their rates very much to close the gap without risking further problems in their country. As they get into their move to a more consumer oriented economy they will have more flexibility in their monetary policy. Regards, Jim Kelley