Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who started this subject	2/6/2004 4:18:46 PM
From: energyplay	Read Replies (2) of 74559

Some Washington Items to Chew On 2/06/04 03:28 PM ET John Rutledge from TheStreet.com Just back from three days in Washington. Some tidbits for you to chew on. It is dawning on people that the economy is not as strong as they thought, that job growth is not going to be as good as they thought, and that the election is going to be a lot closer than they thought. All three rethinks have staffers looking for "things they can do." I will talk at a Treasury Roundtable on the subject next week. The budget numbers have dramatically changed the climate. Every proposal will be examined for its budget impact. This gives the staffers who prepare the numbers tremendous power to influence legislation this year. Most powerful of all -- Joint Tax committee. Prescription drugs are going to cost more than $600 billion , which is $100 billion more than the estimate in the budget proposal. Makes the beat-up pharma stocks look even cheaper to me. The proposal to get rid of the death tax, passed by the House but held hostage in the Senate, where backers have 58 of the 60 votes they need to pass it, is starting to get legs again. Basic idea is to end the death tax and broaden the base for capital-gains taxes. Backers have a new approach to roll out. You should see some things happen next week or two. There is strong pressure mounting in Congress in both parties to do something to speed broadband deployment. I think you will hear some noise in the next week or two that will sound strongly deregulatory, which will support the theme Cody has been writing about. Should be good for equipment stocks.

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