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To: russwinter who wrote (10906)	3/28/2004 1:39:32 PM
From: mishedlo	Read Replies (2) \| Respond to of 110194

But moving rates higher now is not something Easy Al is going to do. Mr. Market will deal with the chairman and the economy in his own sweet time. Regrettably, that process will involve a tremendous amount of pain, thanks to the wanton recklessness of the Fed. That is the key paragraph. Greenspan was reckless and it is too late to fix it. The market will deal with it in its own sweet time. Mish

To: russwinter who wrote (10906)	3/28/2004 2:38:29 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 110194

low rates beget even lower rates they actually slow the economy in 2002, $1100 billion in fixed income from trezbonds, etc in 2002, $600 billion paid in mortgage interest so the net is a massive slowdown for the economy low rates are just the opposite of economic stimulus in past cycles, low rates encouraged new capital investment this time they encourage zero deals for cars, low downpaymt deals for houses, and incredibly deep yield carry trade speculation too late to fix without a long painful recession one that will get out of control the tilt away from real economy and toward financial speculation economy is getting carried away 30% of S&P mktcap tied to financial companies plus another 10% of S&P profits come from financial subsidiaries of non-fin corporations so one could conclude that 40% or so of US major corporations are financial in nature this is horrendous USA chief exports: debt, jobs, military hardware, arrogance / jim

To: russwinter who wrote (10906)	3/28/2004 2:41:43 PM
From: ild	Read Replies (2) \| Respond to of 110194

Revision to Four PPI Commodity Indexes for January 2004 -------------------------------------------------------------------------------- The March 18, 2004 release of Producer Price Index (PPI) data for January 2004 contained erroneous January index levels for four commodity index series: All commodities, farm products and processed foods and feeds, industrial commodities, and all commodities except farm products. These index series appear in Table 3 of the PPI News Release and in Tables 6 and 8 of the PPI Detailed Report. They also are available on the BLS website. The error in calculating January index levels was made in a step that is unique to these four series. The correct January 2004 index levels are 141.0 for all commodities, 136.4 for farm products and processed foods and feeds, 141.9 for industrial commodities, and 142.6 for all commodities except farm products. The published index values for all series other than the four listed above, and for all months other than January 2004, are not affected. The January 2004 index values for the four affected series now have been removed from the time series database and will not be available in the PPI Detailed Report. In addition, the originally released values for any percent changes involving January 2004 were incorrect for those four series. Those percent change values also will not be available. In the next three monthly releases of PPI data, percent changes from January 2004 to subsequent months will not be available for the four series. It should be noted that all January PPI data are preliminary and will be revised after four months in accord with the usual PPI policy. When May 2004 data are released, final values for January 2004 will appear for all series levels and percent changes, including those affected by the error described here. At that time, percent change calculations also will be published for periods beginning or ending in January 2004. Last Modified Date: March 26, 2004 stats.bls.gov