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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: Giordano Bruno who wrote (8770)	2/10/2000 9:19:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 42523

Jim, imo the yield should go wherever it wants to go. the whole fractional reserve banking system is a bit dubious imo... why should bureaucrats (the Fed) decide what the appropriate level for interest rates is? why not leave this to the markets? the treasurys debt buy-back shenanigans couldn't have come at a worse time...a budget surplus normally has a dampening effect on the economy. the buy-backs, if they become reality, obviate that somewhat. but the economy is already overheating, and dangerously so imo, so that's clearly not what is needed. furthermore, since the 'budget surplus' is largely an accounting gimmick, the whole exercise must anyway be called into question. in essence the government issues IOU's to the social security fund for cash it takes out from there (it's social security that's in surplus - at the moment; it'll run out of money in 20-30 years time), and then plans to use that cash to buy back it's t-bonds. that's robbing Peter to pay Paul. in case anybody wondered, the total national debt INCREASED by almost 120 billion bucks last year. so what surplus are these jokers talking about? this administration is the most blatant abuser of statistics since the Soviet Union.