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To: Lee who wrote (56729)	10/30/1998 12:24:00 PM
From: Stephen	Read Replies (2) \| Respond to of 58727

Lee, I obviously disagree. I believe that the rate cut was due to an imminent disaster that has been avoided. Although liquidity is a concern, if because AG does not cut rates by a further .25%, this causes an increase in the problem, then we really are on a knifes edge. This is a balancing act, and AG will be concerned with any chance of domestic inflation - he looks closely at the labour/wage figures, and these look strong. If he get's US inflation and there is recession oversea's he then has a problem he can no longer manage. I am sure he is aware of that and that it will stop him from the next rate cut - maybe make a statement saying he will if needed. I posted on this thread prior to his first rate cut that he could get away with .25% if he addded that he had further rate cuts approved for immediate effect if needed. Sadly, he tries to keep everyone guessing and so said nothing ...which helped the further collapse. He seems to think that keeping people off-balance is a strength. Whilst that is true when things are going well, he shouldn't be employing that kind of uncertainty when stability is necessary. Still ... I doubt he can change his spots !! JMHO Good luck all Stephen