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To: Earlie who wrote (215293)	1/17/2003 10:09:17 AM
From: Knighty Tin	Respond to of 436258

Earlie, I'm trying to be nice about this four letter word thing, but then you use one of the two verboten ones: soap. Work is the other. Restrain yourself. <g>

To: Earlie who wrote (215293)	1/17/2003 10:11:50 AM
From: mishedlo	Read Replies (1) \| Respond to of 436258

Obviously there is a flight to quality today. I hope you loaded up on EBAY. M

To: Earlie who wrote (215293)	1/17/2003 10:16:17 AM
From: mishedlo	Respond to of 436258

Tero Kuittinen A secret storm 1/17/03 08:30 AM ET "A dim, animal pain radiates from the equity market as people begin the grief-management process over the spring “profit recovery”. Yesterday's Philly Fed was an interesting moment -- the reading slightly exceeded the expectations, but the markets immediately sold off. Sound familiar? Behind its “above-consensus” façade the PhF report contained a seed of destruction in the form of sharply worse employment reading. That is precisely the pattern defining the corporate announcements this season. The headline numbers keep coming in above expectations -- but tucked inside the press releases we find the dirty little caveats that promise to rob the 1H 2003 of any fizz and vigour. Most US media sources keep shrugging off the dollar decline as something that is simply Saddam. But the market reaction of selling dollars on rumours of war goes directly against the pattern of the last half a century -- people are supposed to buy dollars on international turmoil, not sell them. Something has reversed the old safe have status of the dollar -- and majority of the American business media is adamantly refusing to ask why. Why is this question dangerous? Could it be because the latest dollar tumble started when Republicans swept the elections and then accelerated after the irresponsible Bush tax-cut campaign began two weeks ago? What is starting to show up does not fit the worldview of Forbes or WSJ -- namely the growing evidence that global investors are now scared by the out-of control GOP. But this party no longer even pretends to stand for responsibility -- it is furiously cramming through a 3-4 trillion dollar tax cut over three years. The markets know that the Alternative Minimum Tax is going to be repealed in 2004 -- another trillion dollar hit on budget. But business magazines and newspapers arguing in favour of the 2003 tax cut are carefully pretending not to know anything about the ATM repeal. Almost none of the articles on the tax cut issue bother to count the combined cost of the last cut, this cut and the ATM cut. Nonetheless, the currency markets are in the process of making that calculation right now. Fiscal insanity is a far more likely explanation for the reversal of dollar's safe haven status than any foreign lunatic." Note: The proposed AMT repeal is for corporations, as far as I know, not for individuals. thestreet.com g