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To: Jim Willie CB who wrote (21639)	12/3/2000 1:04:03 AM
From: Jill	Respond to of 65232

Thanx. I agree w/ you about bush and gore. Hope Supreme Court comes back on Monday--it's supposed to be 5-4 in favor of Bush, no?

To: Jim Willie CB who wrote (21639)	12/3/2000 1:16:04 AM
From: Jim Willie CB	Respond to of 65232

at Harvard, Gore's roommate was actor TommyLee Jones I like TommyLee, but dont think much of his friends /jw

To: Jim Willie CB who wrote (21639)	12/3/2000 1:49:41 AM
From: Dutch	Read Replies (1) \| Respond to of 65232

"then the end of day blowup with Judge Sauls putting down Gore's team still looking for details" JW Watched the end and Gore team successfully objected to the testimony of a rubber expert with his opinion on rubber degradation with respect to ballots in Fl and was only allowed to testify on rubber degradation in general. On cross Gore team attempted to question with respect to rubber degradation of Fl ballots and objection was upheld by Sauls. After the 3rd, 4th, 5th...etc attempt to rephrase Sauls became more agitated until he was pissed. Cannot wait to see if he carries over to the Sunday session at 9 AM. Dutch

To: Jim Willie CB who wrote (21639)	12/3/2000 3:06:49 AM
From: stockman_scott	Respond to of 65232

Slowdown not enough for rate cut By Rex Nutting, CBS.MarketWatch.com Last Update: 5:47 PM ET Dec 1, 2000 WASHINGTON (CBS.MW) - The bulls who were calling for Alan Greenspan's head a few months ago are now pleading with him to save their scalps. Even Greenspan must agree that there's no irrational exuberance left in the markets by now, they say, so maybe it's time for the Fed to lay off a bit. Every painful dip of the Nasdaq brings another 911 call to Greenspan. Of course, it's not just the stock market that's looking a little tattered. That glorious U.S. economic expansion is showing its age. The economic data in the past few weeks have delivered a series of painful reminders that the Fed usually gets what it wants when it wants slower growth. Manufacturing is weakening as both domestic and export markets ease. Consumer spending is flat, especially for things like cars. Home sales have plateaued. Credit conditions have tightened. Investment is slowing and so are profits. And some are beginning to whisper about the possibility of a recession next year. See Irwin Kellner's column. Matter of time The recession possibility is still seen as remote, but the consensus among Wall Street Fed watchers is that it's only a matter of months before the Fed begins to ease its policy levers back to keep the economy above water. "The burden of proof is on those talking about a recession," said economist David Jones of Aubrey Lanston. A recession is unlikely, agreed John Ryding, senior economist at Bear Stearns. Greenspan is the maestro, he said. "The Fed can quickly reverse" itself if need be. Ryding says Greenspan's experience from the slowdown in 1995 and the financial crisis of 1998 is invaluable. He's not going to let things get out of hand just because someone has a theory that inflation might take off someday soon. The only economic release in the coming week that'll matter to the Fed or the markets is Friday's data on November payrolls and the jobless rate. The week will also bring data on October new home sales, October factory orders, October consumer credit and revised productivity numbers for the third quarter. The Fed will also publish its Beige Book on the economy. See Economic Forecast and Calendar. Job growth In the jobs report, economists surveyed by CBS.MarketWatch.com expect another weak month of job creation, with an average forecast of 152,000 new jobs. The economy created 137,000 jobs in October. The economists think the unemployment rate jumped back to 4 percent from October's 30-year low of 3.9 percent. Average hourly earnings probably rose 0.3 percent. "The Fed is looking at the unemployment rate," Jones said. He thinks the Fed needs to see two or three quarters of below-trend growth of 3 percent or less before it'll feel good about lowering rates. Jones said there's not much the Fed can do immediately to juice the economy anyway. "We're unwinding this virtuous cycle," Jones said. For the past few years, everything was perfectly aligned for growth. Higher investment led to greater productivity, which boosted profits and the stock market, which expanded wealth and consumer spending, thereby inducing more investment. But now, investment is slowing and, along with it, productivity. And we already know what's happening to profit expectations and the wealth effect. Stagflation? These trends can't be reversed easily, especially, Jones said, when inflationary pressures could be perking up again. Jones argued that the lagged effects of the tight labor market are only now being felt in wage and benefit costs. The slowdown is hitting just as higher oil prices are hurting consumers and tighter credit standards are making life tough for businesses. And he predicts that slower growth in the United States (and lower rates) will weaken the dollar against the euro. If the euro strengthens, that could further weaken the U.S. stock market as continental investors find greener pastures over there. A weak economy and rising inflation is a worst-case scenario for the Fed because its monetary policy can cure one at the expense of the other. Ryding isn't worried about Jones' stagflation scenario. Inflation isn't going to accelerate, he said. Greenspan doesn't buy the old Philips' curve argument that low unemployment means higher inflation, Ryding said. The Fed has plenty of time to consider all these arguments. While few analysts believe the Fed will lower rates at the Dec. 19 meeting (barring some awful news in the data, the markets or elsewhere in the world), the consensus has come around to the view that the Fed will adopt a more neutral view of the risks to the economy. That could be a key psychological boost to the stock market. "By March, the Fed will begin a series of three quarter-point rate cuts," Jones predicted. Rex Nutting is Washington bureau chief of CBS.MarketWatch.com.