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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Earlie who wrote (87079)	12/17/2000 2:37:57 PM
From: Mike M2	Read Replies (1) \| Respond to of 132070

Earlie, I'd like to add to your comments that the long bond is getting a boost from various leveraged speculator's carry trades, gold, euro, yen. Remember when Russia blew up the dollar fell sharply against the yen ( indicating that leveraged speculators were scrambling for liquidity unwinding the yen carry trade) . Have you heard that Reg Howe has filed his suit in Federal court against the BIS and others alleging a conspiracy to fix the price of gold see gold-eagle for details. mike

To: Earlie who wrote (87079)	12/17/2000 4:27:43 PM
From: James F. Hopkins	Read Replies (1) \| Respond to of 132070

Erlie ; RE > Like you, I track the Fed's activities and also monitor the bond pits (globally) and in past posts I have castigated Greenspan for his sleight-of-hand (the nonsensical business of taking a "tough stand" (raising rates) while at the same time actually flooding the system with liquidity via repos, coupon passes, direct purchasing of treasuries, tc.). We sing from the same hymn book and sit in the same pulpit on that scenario. ------------------- You say it better than I do :-) RE Where we differ is in our interpretation of current bond rates and trends. I put more faith in what the spread and swap rates are telling us than in the the actual rates. Neither bespeak bond pit happiness or confidence.<< We don't differ in the respect of having opposing views of the interpretation on spread and swap rates and that they say more than the actual rates, I think we differ only to the extent taht your likely more advanced than I at tracking these. ------------- The signals I look at are somewhat simple as tahts about all I can understand & have time to look at , I just didn't see anyone posting about Spams more resent injections of liquidity. How much further he will go I don't know but I tend to think that once he starts he won't stop short of seeing the effect. ------------ If I steered a boat like that it would be all over the place one has to take rudder off and apply counter rudder ahead of time , Spam seems to oversteer both ways, & I sure don't understand why so many people worship him like some economical genus. ------------ None the less he is injecting , and junk bonds have found a bottom (even if it's short term) , so at this time I think even a bear may soon find a better point to short. Jim