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To: Les H who wrote (22075)	8/4/1999 4:28:00 PM
From: pater tenebrarum	Read Replies (5) \| Respond to of 99985

Les, i repeat: this buyback plan is nothing but blatant manipulation of the bond market ahead of the treasury auction. the myriad ways in which politicians are making plans for the projected budget surplus are absolutely ridiculous. so now they want to: a)save social security, b)cut taxes, c)buy back debt, d)spend on this and that(list too long). LOL! if the bull market should end there WILL BE NO SURPLUS to do all these things with. the bond market bought into this charade today in typical knee-jerk fashion; i wonder for how long? regards, hb

To: Les H who wrote (22075)	8/4/1999 5:14:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 99985

Les, why buy back at all? Just don't roll over some of the due paper. I am sure that every year the treasury needs to roll over a good half a trillion to a trillion of its paper, well above what annual "surpluses" might be simply, stop the selling auctions, or make them farther apart. This week we have a treasuries selling auction but next week we will have a buying auction. How idiotic can these people be? Zeev