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To: Scumbria who wrote (126283)	1/30/2001 4:52:08 PM
From: GVTucker	Read Replies (1) \| Respond to of 186894

I've felt for some time that we'd all be better off if we got rid of the Fed governors and replaced them with a computer whose program is publicly available so that everyone can fathom what rates would be given certain economic conditions. And while I disagree with you wrt to Greenspan, I don't think we can be assured that a person with his talent will take his job 6 years hence. That risk alone is too great to bear.

To: Scumbria who wrote (126283)	1/30/2001 5:10:29 PM
From: Jim McMannis	Respond to of 186894

RE:"AG got lucky a few times. He broke it a little bit, then got to be the hero by fixing it. This time he broke it too much. " To be honest with you I couldn't figure out why AGs hikes didn't affect the markets, particularly the NASDAQ, much earlier. Then I read somewhere that he was pumping money into the economy as a buffer against Y2K. So he was creating the problem and fixing it at the same time...which in retrospect was pretty dumb. When you get a bubble like the Techs were last year it seems all that much more painful when the bubble bursts. At least the bias is now "ease"...that's historically very supportive of the markets and the time when you want to own stocks and bonds for that matter... RE:"I hope you don't seriously believe that all this meddling is of any value" Doesn't matter what I think...OTOH, the markets seem to love to key off something...even as artificial as you might think it all is...and it all comes down to emotion... Jim

To: Scumbria who wrote (126283)	1/30/2001 6:20:59 PM
From: Road Walker	Respond to of 186894

Bush says will no longer comment on Fed WASHINGTON, Jan 30 (Reuters) - President George W. Bush said on Tuesday he had learned his lesson and will no longer comment on actions on short-term U.S. interest rates taken by the Federal Reserve. With the powerful central bank expected this week to cut borrowing costs by a massive 50 basis points for the second time this month, Bush declined to comment on what he thinks Fed Chairman Alan Greenspan and his colleagues should do. Bush's remarks welcoming a Greenspan-ordered rate cut early this month -- before Bush was inaugurated -- violated a long tradition for the president not to comment on actions taken by the fiercely independent Fed. The thinking is that presidents have no place trying to talk the Fed into cutting or raising rates and that to do so can prove counter-productive. As president, Bill Clinton had religiously toed the line against commenting on Fed actions. As Bush was speaking, policymakers on the Fed's rate-setting Federal Open Market Committee were meeting behind closed doors to discuss the U.S. interest rate outlook. A decision on rates is expected to be announced on Wednesday. Asked about what Greenspan should do, Bush said: ``Mr. Greenspan needs to make his decision independent of what I think.'' ``I learned a pretty good lesson during the transition, and that is I commented out loud about one of the actions he took. That's the last time I'm going to comment about the actions Mr. Greenspan takes. He's an independent voice, and needs to be an independent voice,'' Bush said. Bush spoke during a picture-taking session at the White House with Republican leaders of Congress as well as Vice President Dick Cheney and Treasury Secretary Paul O'Neill. The president said the meeting covered issues such as when the administration would present its tax cut proposal to Congress and the importance of using some of the projected surpluses to pay down the national debt. ``We discussed the tax relief and how we can pay down the national debt and have tax relief, which all of us around this table firmly believe we can do,'' Bush said. ``We also discussed the fact that there's a lot of Americans who've got a lot of consumer debt, and we must be mindful of those hard-working Americans. And part of the tax relief package is to allow people to better manage their own finances with their own money,'' he said. Bush said the timing of his tax proposal was up to the Republican leadership in the House of Representatives and the Senate, and he suggested it would be linked with the submission of his proposed budget blueprint for the 2002 fiscal year next month. ``Taxes must fit into a budget, which they will. The answer to any of our initiatives, of course, is: As soon as possible,'' he said. Email this story - Most-emailed articles - Most-viewed articles

To: Scumbria who wrote (126283)	1/30/2001 6:20:57 PM
From: Road Walker	Respond to of 186894

Bush says will no longer comment on Fed WASHINGTON, Jan 30 (Reuters) - President George W. Bush said on Tuesday he had learned his lesson and will no longer comment on actions on short-term U.S. interest rates taken by the Federal Reserve. With the powerful central bank expected this week to cut borrowing costs by a massive 50 basis points for the second time this month, Bush declined to comment on what he thinks Fed Chairman Alan Greenspan and his colleagues should do. Bush's remarks welcoming a Greenspan-ordered rate cut early this month -- before Bush was inaugurated -- violated a long tradition for the president not to comment on actions taken by the fiercely independent Fed. The thinking is that presidents have no place trying to talk the Fed into cutting or raising rates and that to do so can prove counter-productive. As president, Bill Clinton had religiously toed the line against commenting on Fed actions. As Bush was speaking, policymakers on the Fed's rate-setting Federal Open Market Committee were meeting behind closed doors to discuss the U.S. interest rate outlook. A decision on rates is expected to be announced on Wednesday. Asked about what Greenspan should do, Bush said: ``Mr. Greenspan needs to make his decision independent of what I think.'' ``I learned a pretty good lesson during the transition, and that is I commented out loud [comment: as opposed to commenting silently] about one of the actions he took. That's the last time I'm going to comment about the actions Mr. Greenspan takes. He's an independent voice, and needs to be an independent voice,'' Bush said. Bush spoke during a picture-taking session at the White House with Republican leaders of Congress as well as Vice President Dick Cheney and Treasury Secretary Paul O'Neill. The president said the meeting covered issues such as when the administration would present its tax cut proposal to Congress and the importance of using some of the projected surpluses to pay down the national debt. ``We discussed the tax relief and how we can pay down the national debt and have tax relief, which all of us around this table firmly believe we can do,'' Bush said. ``We also discussed the fact that there's a lot of Americans who've got a lot of consumer debt, and we must be mindful of those hard-working Americans. And part of the tax relief package is to allow people to better manage their own finances with their own money,'' he said. Bush said the timing of his tax proposal was up to the Republican leadership in the House of Representatives and the Senate, and he suggested it would be linked with the submission of his proposed budget blueprint for the 2002 fiscal year next month. ``Taxes must fit into a budget, which they will. The answer to any of our initiatives, of course, is: As soon as possible,'' he said. Email this story - Most-emailed articles - Most-viewed articles