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

To: surfbaron who wrote (7618)	9/30/2002 10:10:12 AM
From: Jim Willie CB	Respond to of 89467

17 handle seen on JPMorgo, derivative liquidation next? and finally FannyMae gets the "vice" they will be hurt by lower rates, killed by higher rates from Briefing.Com: 8:21AM Fannie Mae exposed to mortgage rate declines -- Lehman (FNM) 61.51: Lehman believes that continued declines in mortgage rates from current levels are a net negative for FNM's earnings outlook, not a positive. Firm's concern is that if the self-perpetuating rally in the 10-yr Treasury continues, at some pt, firm might need to trim next yr's estimate to reflect a large decline in mortgage yields than would be the case in cost of funds.

To: surfbaron who wrote (7618)	9/30/2002 10:24:42 AM
From: Jim Willie CB	Read Replies (2) \| Respond to of 89467

W.House Sees Business Spending Up Monday September 30, 9:08 am ET [not sure I agree with a single opinion stated by Hubbard] [amazing that taxpayers actually pay fools like this] [so perhaps more money printing would fix the problem?] [hey W.H.PRman, meet Professor Kondratieff !!!] WASHINGTON (Reuters) - White House economic aide Glenn Hubbard said Monday he believed U.S. business spending would start to grow faster in the fourth quarter and that the recent slide in stock markets was not nearly enough to trigger a renewed recession. "I do believe we will see an emerging investment recovery commencing more forcefully in the fourth quarter of this year," Hubbard told the annual meeting of the National Association for Business Economics, adding that durable goods orders data have indicated a turnaround. Hubbard said he did not see evidence that the climb in housing prices presaged an asset bubble and said that the cloud of corporate scandals over the economy was lifting. He also said deflation was not a looming threat for the U.S. economy. However, the chairman of the White House Council of Economic Advisers said he was less secure about prospects for brisk growth outside the United States. Of Japan, he said that the Bank of Japan's monetary policy was insufficiently expansionary.