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To: d:oug who wrote (50201)	3/9/2000 3:07:00 AM
From: PaulM	Read Replies (4) \| Respond to of 116752

I think the sky is falling as we speak. Check these out: US 2 Year Bills Since 1991 tfc-charts.w2d.com German Bonds Since 1991 tfc-charts.w2d.com Goldman Sachs Commodity Index Since 1991 tfc-charts.w2d.com Oil and Gas Since 1991 tfc-charts.w2d.com tfc-charts.w2d.com Looking away from stocks and gold, the bigger picture telegraphs where we are loud and clear. Greenspan and the other CB's are on a spending spree. They've sacraficed sound money and strong the credit markets to the stock market, or rather, the US tech stock market, which is now engine of global economic growth. Didn't Paul Volcker recently say that world growth now depended on the U.S. growth, which in turn depended on the growth of about fifty stocks, half of which have never shown a profit? Last one with a dollar in his pocket is a rotten egg!

To: d:oug who wrote (50201)	3/9/2000 3:03:00 PM
From: long-gone	Respond to of 116752

Anyone think this will have an effect?: Monday March 6, 7:40 pm Eastern Time Key lawmaker faults U.S. futures trading blueprint WASHINGTON, March 6 (Reuters) - A key lawmaker criticized as flawed on Monday an initial proposal for a new regulatory framework to allow U.S. futures exchanges to compete better in a rapidly changing global marketplace. House Banking Committee Chairman James Leach said a position paper recently released by the Commodity Futures Trading Commission raised ``a number of serious concerns' relating to the fraught question of oversight of the multi-trillion dollar market in privately arranged, or over-the-counter, derivatives such as swaps. In a rare display of unanimity on an issue that has long been the cause of bitter regulatory turf battles, the CFTC and other financial supervisors last year recommended that Congress clearly exclude OTC derivatives from U.S. futures laws. That would finally quell long-standing fears that the CFTC might one day try to assert jurisdiction over the currently-unregulated market, which could throw the legal status of many derivatives contracts into question. But the agency has also had to contend with the concerns of traditional U.S. futures exchanges, who complain they labor under a heavy burden of regulation that stops them from competing effectively with foreign rivals or the OTC market. In response, the CFTC proposed a radical rethink of its current ``one-size-fits-all' regulatory approach, moving instead to base oversight of futures exchanges on the types of products they trade and investors they serve. Leach praised that effort in a speech to the Institute of International Bankers, saying it was ``probably the most conscientious and creative rethinking by a regulatory agency of its role in recent memory.' But he said the CFTC's proposal went too far, apparently applying to all derivatives, whether futures or not. ``Its actions may implicitly expand the agency's jurisdiction in such a way that legal uncertainties increase rather than decrease,' Leach said. Congress is set to try to reauthorize the Commodity Exchange Act, which governs U.S. futures trading, this year and action on OTC derivatives would likely be part of that effort. Some observers doubt, however, that the reauthorization legislation will be completed in the current session. Asked whether the exchange deregulation plan could go ahead in the absence of broader congressional action, Leach said: ``It could proceed reasonably if it was modified.' He said the CFTC had erred in not consulting closely enough with other regulators about the plan's impact on the OTC issue, calling that ``an area where the devil lurks in every detail.' ``What they did in this particular round was they talked now and again with the other agencies but they did not run their language by them,' he said. "I think that was an error and they would be wise to reconsider. biz.yahoo.com