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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Mana who wrote (281503)	7/29/2002 3:05:37 PM
From: Fangorn	Read Replies (2) \| Respond to of 769667

Mana, I remain ambivalent about the Interstate for a couple reasons. It arguably killed a vibrant rail system in this country and inarguably contributed to urban sprawl by putting so much real estate within commuting distance of the urban centers which posthaste lost great chunks of the middle and upper classes which lead to the inner city decay we have suffered ever since. Let's blame poor inner city schools on the Interstate system. ggg

To: Mana who wrote (281503)	7/29/2002 5:03:22 PM
From: Karen Lawrence	Read Replies (2) \| Respond to of 769667

Mana: I was at Borders last week and read about a third of that Jekyll Island tome. It was interesting. In fact, I came to the conclusion that Enron based its business model on the Fed, ie, creating phantom energy - paralleling the phantom funds the Fed uses to pump things up as I suspect they are now doing. Here's an excerpt from a post by cowdog over at RB that implies that's the current case based on banks' tenuous positions bordering on implosion - to name one, JPMorgan(aren't they out 17b to WCOME). Oh to be a fly on the wall. A fly on the wall at last week's emergency meeting of the Fed and Treasury officials might have seen and heard things much more interesting than what goes on in the Clinton's bedroom. Of course we weren't there, but we can see the resulting thousand point plus increase in the Dow since the Tuesday meeting. My guess is that JP Morgan/Chase and Citibank were in big trouble, especially Morgan/Chase. Their derivatives positions, especially in gold, have been strained to the max by pressures from the collapsing stock market. It is likely that without drastic action by the Fed and the US Government, both banks were going under. rense.com The markets have, since Tuesday, rallied in spite of the absence of any good economic news. In fact, all the negatives are still out there. Corporate guidance is lower as far as the eye can see and Harvey Pitt is still there to protect and cover for all the corporate malfeasance. Massive Federal deficits are projected to 2006 and then the tax cuts come into play to at the least triple them. The war drums are still beating even as it is beginning to set in that Kuwait and Saudi Arabia aren't going to pay for Gulf War II this time around. Still we rally hard. It is obvious that AG is determined to float this boat with a flood of money that could well rival the flood that parked Noah's Ark on top of a mountain. However isn't that what started this thing in the first place; the Y2K liquidity infusion that bubbled the markets? Perhaps the banks are so traumatized by deflation that they are willing to risk that again. If so, how long will they be able to withstand something more than moderate inflation, considering that as recently as last month, they were talking about raising rates. Will Greenspan's strategy result in a repeat of what we have just gone through?