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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: SOROS who wrote (4690)	8/17/2002 11:05:13 AM
From: Jim Willie CB	Respond to of 89467

US cities' financial picture darkens amid recession August 16, 2002 05:20 PM ET WASHINGTON, Aug 16 (Reuters) - Most U.S. cities were worse off financially in their 2002 fiscal year than in the previous period, the first time in a decade they have fared so poorly, the National League of Cities reported on Friday. The group, which represents 1,800 cities and towns, said that municipal tax revenue growth was expected to sink to 1.2 percent by the end of 2002 compared to six percent in 2001. "Two-thirds of city officials believe that their city will be less able to address financial needs in fiscal year 2003," the report, which surveyed 308 municipalities, added. Fiscal 2002 ends for most cities between June 30 and September 30. At the same time, healthcare costs and new security and infrastructure needs in the wake of the Sept 11 attacks would push spending growth to 5.6 percent compared to just over 5 percent in 2001. More than half of city finance chiefs who responded to the survey said that their metropolis was less able to meet its financial needs than it was the year before, the report said. Cities have been hit by the same national economic recession that has hurt state and other local government budgets. But the report said most cities had ended the fiscal year with good-sized reserves as a buffer for expected bad times ahead, and noted that most cities relied heavily on property tax revenues which were less volatile than other kinds. -end- [homeowners: prepare for property tax increases, just when threats of layoffs mount, and debts grow]

To: SOROS who wrote (4690)	8/17/2002 11:21:13 AM
From: Jim Willie CB	Read Replies (5) \| Respond to of 89467

article: gold lost speed after shifting into 2nd gear technically gold still looks great given the doubt and anxiety, plenty of upside potential zealllc.com gold's midline support uptrend has held (check the chart) after a typical bullmarket 62% retracement you gotta love those Fibonacci ratios (1 + sqrt(5))/2 = 1.618034 ... [called PHI in math world] PHI has the unique property that PHI - 1 = 1 / PHI i.e. 1 / 1.618034 = 0.618034 PHI is the ratio of length to height in architecture as in the Parthenon this ratio is considered to possess beauty in the eye of the beholder its value in Technical Analysis is widely recognized I have no idea why the hell it does, but it does we simplify the phenomenon as 3/8 and 5/8 retracements gold retraced by 5/8-ths in July now let's get on with the gold rally of the decade / jim