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To: Sharp_End_Of_Drill who wrote (82562)	12/23/2000 2:56:04 PM
From: excardog	Respond to of 95453

Sharp It does not look like the feds are going to let them go bk not with easy Al on the way. Me thinks long is they way to play. Probably some action early next week. Not sure what the bonds trade at since I don't do bonds but their pricing moves might be a good indicator. Best

To: Sharp_End_Of_Drill who wrote (82562)	12/23/2000 4:27:05 PM
From: Think4Yourself	Respond to of 95453

I disagree with the concept of a federal bailout. I think the state of California will be saddled with most of the bill, which is as it should be. My understanding is that it was state administrators who prohibitted the utilities from raising prices for consumers, and forbid the utilities to enter into long term contracts for power. There must have been a plausible argument at the time, but here and now it appears those rules were insane. Davis may just be seeking financial advice from AG. 8.5+ Billion in debt isn't going to be paid from petty cash. Some political careers may be over if this isn't handled well. I think a lot of folks would raise a stink about a federal bailout, especially the republicans. Isn't Ca THE most liberal state? Can AG (or any other govt agency) just "give" that much money without congressional approval? Willing to bet Bush would really raise a ruckus. I know I will definitely phone my congressmen and complain. As far as lessons learned, I think they already have been. Constantly reading articles from other states regarding how they have changed their approach to deregulation based on what is happening now in California. California was a Beta test of deregulation and apparently everyone was watching closely. Most states do appear to be moving forward with their deregulation plans.