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

To: DuckTapeSunroof who wrote (282291)	7/31/2002 11:55:07 AM
From: Arthur Radley	Read Replies (2) \| Respond to of 769670

Shrub was saying only yesterday how great the economy was doing....what a difference a day makes and reality and not lies being shown to the American people... "July Chicago purchasing managers index falls By Rex Nutting Business activity decelerated sharply in the Chicago region in July , according to the monthly Chicago purchasing managers index, which plunged to 51.5% from 58.2%. Readings over 50 indicate growth. Economists were looking for the Chicago index to sink to about 56.4% in July. New orders sank to 52.4% from 61.4%. Employment dropped to 48.1% from 48.9%. Prices paid rose to a 21-month high of 64.5%. The national purchasing managers index will be released on Thursday, with economists expecting a dip to 55.4% from 56.2%.

To: DuckTapeSunroof who wrote (282291)	7/31/2002 12:32:24 PM
From: Charles Tutt	Read Replies (1) \| Respond to of 769670

A nit: I thought S&L's were under the FSLIC, a sister to the FDIC. Charles Tutt (SM)

To: DuckTapeSunroof who wrote (282291)	8/1/2002 12:56:38 AM
From: DavesM	Read Replies (1) \| Respond to of 769670

Buddy, You and I just remember history differently. Where I grew up, fat cats were not the depositors in S&Ls. Fat cats were the management (that used S&Ls to fund their land development companies) of the S&Ls. Where I grew up, fat cats do their banking thru the trust departments of large banks. If they wanted more interest income, they bought some AA corporate bonds and add them to their portfolio of municipal (insured of course) and treasury bonds (or maybe put some money into a junk bond fund). Those "wealthy" people who had their money (over the $100k limit) in S&Ls, looked to me, more like retired people, who deposited money in the S&L after selling their small business or homes. Or widows trying to get a few more dollars of interest from moneys left to them from their husbands. The idea of making all depositors whole is to prevent "runs on the Bank" or if panic sets in, a cascade of bank runs against the system as rumors fly from one institution to another. The implication, (If the Fed didn't protect all depositors of Savings and Loans) is that large accounts in money center banks weren't safe either - I seem to remember that around this time, Bank of America was also teetering. To punish your "FAT CAT depositors" you would also jepordize: municipalities, school districts, churches, non profits, charitable foundations, and anyone else who might have an account > $100K.