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To: Jimbo Cobb who wrote (490)	11/30/1998 4:45:00 PM
From: KM	Respond to of 1054

Time to give it up? Wrong! Dispatches from the Front: Slaughtering the Speculators By James J. Cramer 11/30/98 4:30 PM ET Lions and tigers and BEARS, oh my! Look, when you change the rules on the speculators, as was widely reported today, and you make them put up more capital, they are going to sell, not put up more capital. We need the speculators, the thinly margined speculators, to get slaughtered, if only just to show the Fed a burnt offering so it doesn't go right back and tighten on us. What happens now? Tomorrow everybody who didn't find out about the margin requirements will read the "paper" (my Net bias) and sell on the same information you read and heard about today and Friday. So they hit 'em again and by that time we will begin to realize that if it says .com it still matters whether the company has fundamentals. Variously, as in the Oct. 8 multiparter (they can do continuations in X-Files, you can handle continuations in my copy) that I am doing, Allan Chernoff will squawk on CNBC that the world is ending and more selling will occur. By Wednesday the speculators will be dried, stuffed and mounted, and we can get a new sense of what group will rush to overvaluation. My bet: Old tech, as all the old-tech honchos are gathered at a big First Boston pow-wow in Arizona and I think they will have something good to say.