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To: Tommaso who wrote (203779)	11/10/2002 3:59:21 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 436258

Tommaso, What is interesting to me that there is not very many fund options for people to pick from to go short. The Rydex and another one provides opportunities to short the indexes, but very few available that will out preform the market on the down side other than some hedge funds that are closed to small investors. I am noticing an increase in hedge funds available to the small investor, but am not sure these investors understand the manager takes 20% off the top and has to take casino risks to make good returns for the investors. I have been toying with adding to my BEARX holdings but these folks seem bent on pushing this market further than would be expected.

To: Tommaso who wrote (203779)	11/10/2002 4:20:37 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 436258

welt.de - Shortfalls in revenue from 89 billion to 2006 (alta vista translation) 2003 only a per cent growth expect German economists. Week of the truth for red green Berlin - the red-green Federal Government goes into the most important week relating to financial policy of the yearly. Tax appraisers and economist submit new numbers. They will presumably document that the financial collapse threatens Germany. The economic situation recovery is accepted after computations of the board of experts for the investigation of the overall economic development much more weakly to fail than so far. Thus also the chances for a dismantling of unemployment are reduced. The gross domestic product will grow in the next year only by approximately a per cent, forecasts the five members of the board of experts - the economists ways in such a way specified - in its newest annual appraisal. The ways lie thereby still under the prognoses of the six prominent German research institutes for economics, the at the end of of Octobers in their autumn appraisal for the next year a plus of 1,4 per cent had forecast. The Federal Government still proceeds from an increase around even 1.5 per cent. The appraisal of the restaurant ways will hand over on Wednesday officially at chancellors Schroeder and parallel to it presented to the public. Members of the board of experts participate also in the meeting of the "working group tax estimation", which its results on Thursday presents. The growth forecasts of the ways are considered as basis for the tax estimation. How admits first became, tax losses are feared in the coming years still more highly to fail than so far. To 2006 experts count on reduced receipts for federation, countries and municipalities from altogether to 89 billion euro. The tax appraiser of the Kieler Institut for economic research, Alfred Boss, considers shortfalls in revenue of 20 billion euro in this year and up to 27 billion in the coming year possible. Minister of Finance Eichel granted that the situation relating to market conditions completely particularly weakened the income side of the public households. Compared with the budgetary plannings 2002 now a "substantial deviation" is to be expected with the tax revenues and the job market data, said it to the "world on Sunday". "that will reflect itself in the tax estimation." Before this background the union Expert of financial politics Merz still demanded a household safeguard law in such a way specified for this year, with which cuts are possible also into achievement laws already decided. "the public households stand before the collapse", warned Merz. The precarious budgetary situation can one only with a household safeguard law as for instance 1984 get, when among other things the entrance paying in the public service with exception of the lowest paying stages on 90 per cent were cut. A speaker of the Treasury rejected this raid. DW Further articles to the topic The cruel truth for Hans's acorn