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To: Defrocked who wrote (43610)	5/27/1999 3:54:00 PM
From: BGR	Respond to of 86076

Long-term, you are right of course that margin has little effect. However, in the short term, I just feel bad when I see folks losing huge chunks of money by margining on the way up and getting margin calls on the way down. Outside of speculation in real estates, loans have useful purposes in real life (though I haven't yet seen anyone calculating their net future worth and taking loans against that as would be the so-called rational thing to do, I think Dick Thaler did some work on this).