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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: patron_anejo_por_favor who wrote (132422)	11/1/2001 4:33:44 PM
From: yard_man	Read Replies (1) of 436258

everybody who isn't a numbnut that owes money on their house has refi'd by now. I don't really think that is what they were trying to do ... more like trying to patch a hole somewhere and QUICK. Someone exposed to Argentina or some such needs some buyers of paper they are forced to sell without causing trouble -- temporary supporet maneuver of some kind. "jump-starting" the economy is for the dunder-headed media -- the Fed and Treasury have no such illusions -- though they may utter the phrase 10 times a day when called upon to do so. They are currently managing the crisis du-jour, IMO. Les posted an article by Kasriel the other day -- you look at the chart in there which shows cash-out refis -- they have been declining for a few quarters. People doing it now aren't doing it to get spending money -- just to lower debt service ... but I think it's about over. Watch how long those rates stay down

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