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To: Jim Fleming who wrote (274517)	1/20/2004 2:59:17 PM
From: laura_bush	Respond to of 436258

Thanks all/explanations re callable 30 yr. bond. :) lb/eom

To: Jim Fleming who wrote (274517)	1/20/2004 7:30:01 PM
From: laura_bush	Read Replies (2) \| Respond to of 436258

Reopening talk about the '79 30-yr-bond "called in." I've spoken to a number of people on SI and IRL who still believe that the Feds are shafting the bag-holders. This series of remarks summarizes well the input I've received. Comments appreciated. ________________________________ Premise: "Things like this come with the territory of buying a 30yr Bond. For it to be "called" five years early, is to be 'expected.'" Response: Yes indeed. Here's the problem as I see it. #1. Dubya's being criticized for failing to cut government spending. Looks good by itself, alright. #2 Problem is that plenty of retired people are living, traveling, and payin their bills based on the notes they bot way back when. #3 The holders of these debt securities failed to read the fine print...wherein the government reserved the option to redeem the paper. #4 2/3 of the note holders are private "investors," i.e., little old ladies. [Edit comment: It would be interesting to hold down GWB and shave his head. Odds are that he has a "666" birthmark under his goofy haircut.] _____________________________________ What do you sophisticated financiers over here on SI's dark thread think about the above? -g lb