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To: TobagoJack who wrote (48771)	2/10/2001 1:04:20 PM
From: FR1	Read Replies (1) \| Respond to of 77397

Hi Jay, thanks for your response. Here are some thoughts: 1) The AG speech. AG would never volunteer a statement but he knows that they will ask him and then he can answer. So somebody asked him what he thought about the Bush tax cut plan. He said that with the surplus being what it is he did not see why we could not both pay down the debt and do a tax cut and he thought that it might be a good idea. This was shocking because up to now he has always been against any tax cut. He went on to say that the exact amount of a tax cut he would not comment on. Then went on to point out how the FED action would be more meaningful because by the time the tax cut had effect the downturn would be over. 2) The FED will cheapen the currency by the time US investors get the full onedotodd trillion in the form of lowered taxes Yeah, I agree with you. It won't make that much difference. I think they are trying to boost the public mood. It is good to know that you guys are on the same dollar roller coaster that we are. 3) ....on old fashioned aircraft carriers .... Right again. Bush will probably do more defense spending. Hey! I have a question since you are in HK. It seems the Chinese are going all out to build a big military. What sounds frightening is that they are making polaris submarines. They sure don't need that for Taiwan. It makes me think that they want to use them to threaten the US or something. What do you think about the military build up and where it is headed? By the way, how are you guys doing under Beijing? Do they control all the ISPs and make communication difficult? Do you think there will be political reform, over time, eventually leading to democratic elections in the heart of China? 4) ....high yield Euro bond fund... I like that idea. What kind of return can you get one Euro bond funds? Who do you like? 5) The big picture to me is that if the FED not done any hikes the market would have sorted things out for iteself. It would have been much better. The FEDs are just a bunch of average college economic professors that feel they need to continually push buttons. Unfortunately it causes internetional calamity when they do it. 6) IMHO, How soon the economy "recovers" depends on if there is a strong driving force to make recovery. Fortunately, we have the internet build out. If this was 10 years ago we would be in recession for a long time. Personally, I think it will be short one and we will be lead out by optics and broadband semis. At least I hope so.