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To: Bobby Yellin who wrote (38328)	8/4/1999 12:16:00 PM
From: PaulM	Read Replies (2) \| Respond to of 116779

B, gotta run, but couldn't resist: Treasury Prop Debt Buyback Rules! quote.bloomberg.com I swear, you just can't make this stuff up. Are financial markets that important? Are they really so important that, for example, we have to dupe a whole generation of retirees into believing that a retirement pot is there when it is not? Things must really be bad. As so many have pointed out over and over again, the "surplus" only exists if we assume that money paid into Social Security isn't waiting for us workers when we retire. Has America been told that explicitly, by Summers, or anyone else? How about our keen financial advisors on CNBC et al., have they informed everyone of this critical-to-your-retirement planning issue? What happens to the social security "pay as you go" system when the ratio of workers to retirees falls, as it must, in the future? Do we simply let the system go bankrupt at that time in the interest of keeping a favorable interest environment today? Should America be forced to rely exclusively on (grossly overvalued) 401(k)s which will necessarily undergo a huge revaluation when the bulk of people are forced to draw on them? Furthermore, since when is a public expenditure the Treasury's decision? Except for discretionary funds like the Exchange Stabilization etc., Congress still allocates all public expenditures. Why tell America "we plan to buy back debt" "the IMF plans to sell gold" etc. when the Treasury has no authority to effect any of those things? And in light of all this, why propose "buy back" rules, already published and made public, in the same week your selling $37 billion worth of what your proposing to buy back. Like I said, you just can't make this up.