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To: Les H who wrote (3700)	11/25/2002 10:50:07 AM
From: jtech	Read Replies (1) \| Respond to of 29601

+DJ Natl Govs Assoc: '03 State Tax Hikes Biggest Since '92 11/25/2002 Dow Jones News Services (Copyright © 2002 Dow Jones & Company, Inc.) (MORE) DOW JONES NEWS 11-25-02 10:32 AM DJ Natl Govs Assoc -2: `Nearly Every State In Fiscal Crisis` WASHINGTON (Dow Jones)--Reeling from their biggest budget crisis in more than 50 years, U.S. states will raise taxes and fees by $8.3 billion in fiscal 2003, the largest amount in 11 years, the National Governors Association said Monday. "Nearly every state is in fiscal crisis," the association said in a joint report with the National Association of State Budget Officers. "Amid a slowing national economy, state revenues have shrunk at the same time that spending pressures are mounting - particularly for Medicaid and other health care - creating massive budget shortfalls." The report did not make an estimate of how large the collective budget shortfall would be. But the National Conference of State Legislatures said in a report Friday that the shortfall in fiscal 2003 would be at least $17.5 billion. "As states fight to balance their budgets, the solutions available to them are increasingly dire, and some of the most difficult decisions have yet to be made," the governors' association said. It said 23 of the 49 states it surveyed this year will raise taxes and fees in fiscal 2003. Florida did not participate in the survey. (MORE) DOW JONES NEWS 11-25-02 10:48 AM

To: Les H who wrote (3700)	11/26/2002 10:03:42 AM
From: Les H	Read Replies (3) \| Respond to of 29601

Fed feed bag due date billions 11/27 8.50 11/27 5.50 11/29 4.00 12/05 5.00 12/12 5.00 12/19 3.00 total 31.00 Feed bag grew by 4.50 billion today.

To: Les H who wrote (3700)	11/26/2002 3:13:31 PM
From: ahhaha	Respond to of 29601

this may be a record for the old man's level of cash infusions into markets. Nope. It isn't a "cash infusion". The only way that takes place is through permanent. FED hasn't done permanent in six months because they don't need to. The RP injection merely adds to nominal reserves over a brief period and then the nominal reserves are returned. I use "nominal" because those reserves aren't used to support longer term loans. They're only used to clear the system so there's no net effect on fed funds rate. Without demand for loanable funds in excess of what lenders can finance internally RPs have no effect. So RPs are used to fine tune the fixed fed funds rate.