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To: patron_anejo_por_favor who wrote (54927)	1/5/2001 9:10:37 PM
From: flatsville	Read Replies (3) \| Respond to of 436258

patron- The providers will get paid. Bail out on the way. California Bond Plan to Rescue Utilities May Carry Top Ratings quote.bloomberg.com Under the proposed bond sale, the California authority would serve as a conduit for the utilities to the bond market, with investors offered taxable debt repaid by a special fee that appeared on the bills of utility customers. If this fee, technically called a tariff, is set in stone by the state legislature, this arrangement can provide top ``AAA'' bond ratings even for companies that this week saw their own ratings plummet. They've done this kind of thing before...and the market just snaps 'em right up. Pension funds and insurance companies were among the investors in the previous fee-backed bonds. One of the bonds sold for Edison, with a 2009 maturity, is held almost entirely by various insurance companies, according to Bloomberg analytics. Read the entire article.

To: patron_anejo_por_favor who wrote (54927)	1/5/2001 9:53:04 PM
From: Thomas M.	Read Replies (3) \| Respond to of 436258

Superb analogy from Doug Noland: I could not help but to see strong parallels between Greenspan’s analysis of the economy and the bull’s analysis of the stock market. Both erroneously focus on “income statements” and ignore balance sheets. In Greenspan’s case, he focuses on GDP, corporate profits, and productivity, while ignoring debt growth, financial sector expansion, and the quality of financial system assets. prudentbear.com

To: patron_anejo_por_favor who wrote (54927)	1/5/2001 10:01:07 PM
From: Roads End	Respond to of 436258

You're on to something there Patron, Hillary could could start paying scamazon to start selling her book and it could also be saved.

To: patron_anejo_por_favor who wrote (54927)	1/5/2001 11:56:04 PM
From: KeepItSimple	Read Replies (1) \| Respond to of 436258

Ding ding ding! I think we have a winner here. Utilities all over the rest of the grid are going to be forced to provide power at a loss to california. Their credit ratings will collapse too- and the domino of debt will come crashing down. There isnt a bank or pension fund that doesnt hold Utility paper of some kind. I think this is what Greenspan knew was going to happen. GAME OVER MAN, GAME OVER! ------------------------------------------------- Should those providers (CPN, DUK, REI) also have debt downgrades, since they will be essentially extending credit that appears to be unpayable?