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To: Carl Worth who wrote (36332)	1/13/2004 8:12:02 AM
From: Dale Baker	Read Replies (1) \| Respond to of 118717

Can't argue with the positive impact the spending has - but borrowing only works as long as the lenders are happy to keep lending. That's the parameter we have to keep an eye on. There is also a geopolitical dimension - if Taiwan declared independence and the US backed them against Chinese protests, the Chinese could wreck the US bond market in a day or two. They would be wrecking their own best market at the same time, but never count on complete rationality from world leaders. As for stocks, my philosophy is to watch a lot and trade very little. That way I get to know the dynamics of all my holdings. I know when to worry about an unusual move and what is just trading noise. And blissfully, I never have to worry "where the market is going" or "whether the market is overvalued" or whether "that sector will be hot next week" or any of the crap that absorbs much of CNBC most of the time.