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To: Alias Shrugged who wrote (4893)	10/31/1998 9:59:00 AM
From: Dipsey	Respond to of 14427

Mike - Thanks your comments. Agree wholeheartedly that the market is reactionary by nature. Also agree that the U.S. 'consumer' is not capable of absorbing the output of third world manufacturing capacity at the profitable level they would like it to be - there are only so many feet for high priced tennis shoes. The interesting thing to me is the length of time this has been taking to unfold. I keep waiting for the seemingly mythological trigger which will result in dropping the equity markets to rational levels. In this I tend to agree with LT, there is a high probability that the correction could be quite rapid. Although it taxes my level of understanding, I have not been convinced that the recent Fed rate cuts have necessarily had the desired or hoped for results. Unless the attempt was simply to provide breathing room during which time other more comprehensive actions could be taken. What little I have seen on the recent G7 pow-wow has been in generalized terms; difficult to say at this point whether their current actions are a non-event or will be purposeful in implementing corrective measures to the international financial environment. I think we are probably soon to find out. Regards, Dipsey