  We discuss further a recent space-time interpretation of the $c=1$ matrix
model which retains both sides of the inverted harmonic oscillator potential in
the underlying free fermion theory and reproduces the physics of the discrete
state moduli of two-dimensional string theory. We show that within this
framework the linear tachyon background in flat space arises from the fermi
vacuum. We argue that this framework does not suffer from any obvious
nonperturbative inconsistency. We also identify and discuss a class of nearly
static configurations in the free fermion theory which are interpreted as
static metric backgrounds in space-time. These backgrounds are classically
absorbing --- a beam of tachyons thrown at such a background is only partly
reflected back --- and are tentatively identified with the eternal back-hole of
2-dimensional string theory.
