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To: r.edwards who wrote (24050)	6/29/2000 12:06:00 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 35685

I missed that comment about "surplus leads to zero irates" we have unprecedented federal budget surpluses recent estimated figures were adjusted higher to $200b this year I wonder how much surplus we will see in y2001 with such horrific losses, vanishing wealth, not so much staggering capital gain taxes to end up in federal treasury does Greinstein factor that? dont deceive yourself about interest rates reacting to budget surpluses HISTORY HAS SHOWN THAT BUDGET SURPLUSES COINCIDE WITH RISING INTEREST RATES strange but paradoxical reasoning: budget surplus occurs amidst strong strong economic conditions, which the Fed feels must be restrained... so the Fed does restrain via higher FedFunds rates in the last two years, where is the falling interest rate evidence ????????????????????? nada / Jim