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To: Jay8088 who wrote (24260)	11/3/1998 12:47:00 AM
From: Gary Walker	Respond to of 164684

Jay, If the FED shares your skepticism then we certainly will get another rate cut and that is sure to send the markets towards a new high. As far as the global situation, a big player in this is the Japanese, which is 1/2 of the GDP of Asia. They really screwed up there economy with a tax increase in the face of recession last year. Now the consumer is entrenched. The recent packages of bank aid and tax cuts to stimulate the economy should have a positive influence. I'm going to Japan next week on other business and will see for myself. I'm hearing from people who have been in Tokyo that there are very few signs of a recession in the faces of the people. In Europe, you have the UK and Italy leading the way with rate cuts. Germany is still lagging, due to their sorry past with inflation. A devaluation in Brazil might throw the market, but the worst of the devaluations may be over. I am concerned about the so called austerity programs in Brazil and elsewhere. Social crisis could be the result, then all deals are off as far as devaluations are concerned. gw