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To: Lee who wrote (56573)	10/28/1998 12:52:00 PM
From: ratan lal	Respond to of 58727

Lee The emergency rate cut by fed 'SEEMED' like market manipulation, I think, to save LTCG and other hedge funds that were in deep doo doo. I think most people agree with that BUT many justify the action as one that was required to save larger problems that would have international implications had the fed allowed LTCG and other hedge funds to be simply liquidated (as you and I would be if we got caught with our pants down). Justified or not the action, if taken for the purpose i stated above, IS MARKET MANIPULATION. BWDIK ratan

To: Lee who wrote (56573)	10/28/1998 1:00:00 PM
From: B.REVERE	Read Replies (2) \| Respond to of 58727

Lee, I was referring to the s&p futures which are highly manipulated right after the market closes and right before it opens. Only the fed had the funds to turn the markets on Aug 31 and OCT 8TH. No fundamental news reversed the market those days which would have easily penetrated support levels. Wall street was pissing in its pants those days and AG came to the rescue. Except he was trying to rescue LTCM not 401 k money. As far as the economy, layoffs are happening more frequently every day as companies cut costs to survive. You think people care if a report says we're ok? When the see their neighbor get axed after 15 years on the job at the same company, how secure do they think their job is? Doesn't do a lot for consumer confidence and those numbers are coming down fast. Consumer spending drives 80% of this economy. With confidence levels dropping, companies are scaling back on spending and recruiting. GDP this quarter wiil be the last positive one for a while. If you think the fed gives a damn about the public, read on. nypostonline.com Later, BR