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To: mishedlo who wrote (51499)	1/26/2006 7:44:15 AM
From: shades	Respond to of 110194

Hollywood beat you to the punch on doing anything for medical costs - did you see the denzel washington movie where he takes the hospital hostage? hehe DJ UK Tsy Monitors Gilts Mkt But No Inquiry Launched -Source . LONDON (Dow Jones)--The U.K. Treasury is continuing to monitor the gilts market but no inquiry has been launched into pension fund demand for gilts, a Treasury source said Thursday. "Whilst the government regularly engages with industry no inquiry has been launched," the Treasury source said. The Times newspaper reported Thursday the Treasury has launched an inquiry into pension funds' appetite for gilts amid a price bubble in long-dated gilts prices. But the source said the Treasury and Debt Management office continually consult market participants on market conditions and will discuss this issue, but no inquiry has been launched and no report will be produced into this issue. A Treasury spokesman repeated a statement the Treasury released last week. "The Government listens carefully to views from market participants and monitors the market conditions," the spokesman said. Prices of long-dated gilts have risen sharply this month largely on the back of short-covering by pension funds and hedge funds which had positioned for underperformance of the gilts market in January which didn't take place. Prices have been pushed higher over the past couple of years by long-term structural demand from defined benefit pension funds and insurance companies which are trying to more closely match their assets to their liabilities.

To: mishedlo who wrote (51499)	1/26/2006 7:55:24 AM
From: shades	Read Replies (1) \| Respond to of 110194

Corzine is a powerful man according to the philster: What was it you said Mish about increasing taxes and laying off people? DJ NJ Gov Urged To Consider Expanded Sales Tax, Govt Layoffs TRENTON, N.J. (AP)--John Corzine's transition team is reportedly urging the governor to consider some tough financial love for New Jersey taxpayers and public employees. A report obtained by The Press of Atlantic City shows the "budget and re-engineering government" policy group has recommended Corzine expand the sales tax, consider layoffs, increase the gas tax and phase out the public employee pension plan. The report says the new governor should also consider levying a sales tax on clothing. The report warns ignoring the recommendations could have "grave consequences." A Corzine spokesman tells the newspaper the state treasurer is reviewing the report.

To: mishedlo who wrote (51499)	1/26/2006 7:59:38 AM
From: shades	Respond to of 110194

Cast DISRUPT ILLUSION - you will continue to disbelieve and gain experience - hehe. =DJ THE SKEPTIC: Embarrassed Repsol Comes Clean By Matthew Curtin PARIS (Dow Jones)--Embarrassing. There's no other word for Repsol's 25% cut in the level of its proven oil and gas reserves. Half of the 1.25 billion barrels of oil equivalent the Spanish company has lost can be blamed on political and legal changes beyond its control in Bolivia and Venezuela. But the rest reflects overoptimistic assumptions and underinvestment in exploration and production. Estimates have mostly come up short in Argentina. Given the company's Argentinean roots, that looks less than competent. Unlike in Venezuela, Repsol can't claim a foreign investor's lack of familiarity with difficult terrain in Argentina. Repsol plays down the longer-term financial impact because much of its output from the three countries is marginally profitable. But the news underscores the weakness of Repsol's upstream activity. Its reserves-replacement rate might have fallen below 20% in 2005 from 32.5% in 2004. The Spanish company depends on upstream cashflow as it diversifies oil and gas production away from South America and bulks up its downstream business. Bolivia and Argentina account for the lion's share of proven reserves and planned output growth for the next four years. Repsol's admission isn't necessarily a repeat of Shell's experience two years ago, which led to a steep fall in the Anglo-Dutch company's stock price, the resignation of top executives, and a big corporate shakeup. Repsol has put on a good show of honesty and action. Chairman Antonio Brufau hosted Thursday's conference call with analysts, something which Shell's former Chairman Philips Watts notoriously failed to do. Brufau gave assurances external auditors are hard at work reassessing Repsol's reserves, and promises full disclosure. He says has revamped internal auditing and oversight procedures. In addition, the political flux in Venezuela and Bolivia, with Evo Morales' victory in the presidential elections and last year's controversial hydrocarbon law, has changed the economics of oil and gas production there. Investors, possibly overly impressed by Repsol's bullish outlook for its downstream business, have neglected to take that extra political and legal risk on board. Apart from sparing investors more nasty surprises, Brufau is under pressure to reduce Repsol's dependence on South American oil and gas and tone up its downstream activities without destroying shareholder value. (END) Dow Jones Newswires January 26, 2006 07:53 ET (12:53 GMT)

To: mishedlo who wrote (51499)	1/26/2006 9:10:05 AM
From: John Vosilla	Read Replies (3) \| Respond to of 110194

Markets till pointing to stagflation, weaker economy, continuation of higher costs for nondiscretionary items that need to be passed on. Those that can't hack it and aren't government subsidized just shut down reducing supply. There is no way bubble housing crashes hard in a declining interest rate environment to new lows unless our governments start doing the complete opposite of what they've been doing the past four years. If anything lower rates takes the ponzi scheme through another round of refis.