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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: isopatch who wrote (28010)	2/12/2003 12:55:56 PM
From: Bert	Read Replies (2) \| Respond to of 36161

Iso, ISRL certainly had a good week <g> EOM Bert

To: isopatch who wrote (28010)	2/12/2003 2:28:07 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 36161

spoke with guy at sports club last night concerning JPMorgan interesting conversation, bright fellow, some strange views but all in all, head & shoulders above the rest we talked first about JPMorgan he said they would have been killed except for Sumitomo Bank injected $2.5 billion of cash in return for a large piece of JPM's soul and future (if one exists) my guy said that money will buy them one year, TOPS we covered Citicorp we agreed their South American debt exposure is much bigger than JPM' but its pockets are just huge, with Travelers Insurance shared capital pool he said if Citi were to write off $100M in gold losses, it would represent something like 3-5% of their cash on hand he said Colorado and Arizona will each go bust from state financial stress he works in industrial equipment, which covers miners his comments were focused on industrial metal mining each state will continue to worsen economically, with lost jobs each state has very large mining operations, outside precmetals he agreed that gold's run had as much to do with the economy and low interest rates, as it did with Iraq or MidEast but he was not willing to jump in JUST YET he thinks the big moves will come later this year or next we disagreed on a host of other matters he thought that Clinton's economic miracle was brought about by raising taxes across the board, which brought prosperity I told him his head was up his ass, believing taxation could promote wealth creation we get along well enough to speak freely I said it had more to do with two major items 1. Clinton-Rubin sold half our nation's gold, used it to subsidize TBonds, which led to USDollar uptrend, attracting foreign capital, stock gains, lowered corp costs and rising profits 2. Japan caved in, gave up on its own future caught in stagnation and political inaction, and sent to USA over $600 billion to invest he said he was not convinced on either of my items no way to prove much in this strange arena thought I would share my guy's update smart fellow, nice engaging guy but I dont think he reads much at all outside his domain we talked while he was on a standing bike I was between miles on my indoor track run / jim