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Politics : Stockman Scott's Political Debate Porch
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To: stockman_scott who wrote (3452)7/29/2002 11:17:51 PM
From: Jim Willie CB  Read Replies (1) of 89467
 
just read a couple articles in Financial Times newspaper
some very well written paper on World Business
by Julie Earle and Gary Silverman and Sheila McNulty

$450 billion in total energy firm debts now at risk
(that is billion with a B)

Karl Miller of SNL Financial expects upcoming string of BK's to dwarf the WorldCom and Enron debt default
Williams and NRG Energy are soon to declare bankruptcy
their stocks and bonds just cratered, indicative of extreme duress

gonna be quite the shock to those who thought the energy sector turmoil ended with Enron

this explains the DJUtility Index shitting the bed
and the rug, and the hallway on the way to the toiley

then in Japan...

by David Pilling
different article mentions that Japan banks are teetering worse by the month, with depository reserves falling badly in value from the declining dollar
also he claims the stronger yen has snuffed out their economic recovery
hmmm, I seem to remember a Jackass mentioning this

I tried in vain to secure a website for each article
www.ft.com/energy is the higher level site
but nogo, since subscription is required

I dont think the Dow will be continuing much longer
pure sucker rally en route to 5000
but it could take a few weeks to unravel
/ jim
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