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To: joe who wrote (23651)	10/31/1998 11:53:00 AM
From: blake_paterson	Read Replies (2) \| Respond to of 45548

Joe: / All : Another piece of the ATT puzzle re: cable telephony. <<AT&T chairman and CEO Michael Armstrong said he hopes to sign deals with several cable operators that will allow his company to bypass the stranglehold of regional Bells and provide local phone service over cable lines, according to a report....>> news.com Just when are the details of an ATT / 3COM deal going to come out? <VBG> Anybody care to synthesize / summarize the actual bznz opportunity for us? BP

To: joe who wrote (23651)	10/31/1998 12:01:00 PM
From: blake_paterson	Read Replies (1) \| Respond to of 45548

Joe: Thanks for your response. Regarding Chairman G: <<He has to. Credit problems is what he's worrying about, not the stock market or inflation.....>> If you had asked me on Thursday, I would have agreed with you. But the econ data released this week gives me serious pause. Indeed, if data released in the next two weeks is consistent w/ this past weeks data (GDP, G7, producer prices, etc..), then I'll play the worry wort and say that he is going to have to see an ENORMOUS liquidity / credit problem to justify another rate cut in the presence of a strong economy. And to that point I ask: Is it still there? I believe that his rate cuts have created a bubble that can be sustained only by further cuts, given that 1999 earnings are now in the process of being managed down to realistic levels, creating high PE's. If he doesn't cut, then God help this rally... Just MHO, BP