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To: yard_man who wrote (16886)	1/22/1999 8:28:00 PM
From: geewiz	Respond to of 86076

Evening all, I noticed Mr. Meehan gets mention in this Reuters newsbulliten; biz.yahoo.com Friday January 22, 7:48 pm Eastern Time Wall St.'s risky bet that Fed will come to rescue (Updates to close) By Pierre Belec NEW YORK (Reuters) - Investors are making a risky bet that Federal Reserve Chairman Alan Greenspan will come to the market's rescue when the next crisis threatens the global economy. But the experts say those Range Rover-driving Wall Streeters could be in for a rough ride if the Fed stays on the sidelines and lets the market deal with a new economic storm. Dark clouds are already forming over Latin America after Brazil, the region's biggest economy, devalued its currency, a move that pushed the country into recession. The contagion could hit Mexico, Argentina and even spread to Asia as they all scramble to devalue their own currencies to compete in the export market. Bill Meehan, chief market analyst at Cantor Fitzgerald in Darien, Conn., said Wall Street is wrong in thinking the Fed will again come to the aid of financial markets in a bid to insulate the United States from the global economic fallout. ''The interest-rate-cutting game will not be replayed again,'' he said. ''It's a mistake for Wall Street to believe that if another shoe drops outside of our borders, the crisis will be met automatically with rate cuts.'' In the rush to build a fire wall around the American economy and rebuild confidence in financial markets, the Fed reduced interest rates three times between September and November by a total of three-quarters of a percentage point. But the rate chopping lit up the stock market, and the Fed is now worried that it may have created a speculative bubble that is waiting to burst. ''Last fall, the concern was about protecting the U.S. financial system,'' said Meehan. ''Now, Greenspan is very chagrined at the unavoidable consequences of the three rate reductions, which caused a raging move (up) in the stock market.'' .............. copywrite Reuters Jan 22/99 And Easy Al won't come to the rescue???? later art