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To: Stephen who wrote (56767)	10/30/1998 4:05:00 PM
From: Trey McAtee	Read Replies (1) \| Respond to of 58727

stephen-- well, i am sure you already know where i stand on the subject, so i wont belabor the point<G>. still, there is a question in my mind as to severity. i dont think even the fed has a really good handle on the exotic (and highly illiquid) derivitives floating around today. thus, this thing could very well stop out at the established lows, or maybe within 500 pts of them. or it could very well drop to what some of the avid bears see as fair value...4200? maybe. i have to wonder about the true intelligence of all these hedge fund managers and banks. its not just the leverage, its also the illiquidity of the instruments, which in itself is enough to indicate a lapse with reality. what really gets me is that all these big names and very smart people have forgotten a few, very simple things, like: 1)EVERYTHING can go wrong (cascade failure) 2)counter party risk at the very least i hope this is the end of the suspender popping master of the universe. good luck to all, trey