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To: gregor who wrote (1084)	11/4/1998 1:51:00 PM
From: yard_man	Read Replies (1) \| Respond to of 1283

Your points are good ones Gregor. Lately, debt has been repackaged and resold so many times it is difficult for the average investor to know really what is going on in the debt markets. In addition there has been a much larger use of leverage in the last few years, not just by the hedge funds, which is used to purchase and carry these positions. I think this is where the problem lies. I think stability to small shocks is OK, but large shocks as we've seen required the rescue and the surprise 1/4 point cut -- not for a soft landing for the market, but to bolster confidence at the critical time. What do you think of the timing of the move to lower? It is uncanny at best, IMO. The day before options expired as the market was heading down. I know the official reasons, but remain skeptical.