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To: Darth Trader who wrote (52022)	9/9/1998 11:33:00 PM
From: B.REVERE	Respond to of 58727

[More problems]---Wednesday September 9, 10:38 pm Eastern Time Key U.S. lawmaker casts doubt on funding for IMF By Adam Entous WASHINGTON, Sept 9 (Reuters) - In a blow to the White House, a key U.S. House of Representatives leader said on Wednesday he would oppose giving the International Monetary Fund the full $18 billion the White House says it needs to deal with global financial emergencies. The Clinton administration wants the powerful House Appropriations Committee to approve $3.4 billion for the so-called New Arrangements to Borrow (NAB), an emergency fund to help the IMF cope with future crises, and $14.5 billion to raise the IMF's lending capacity, when the committee meets on Thursday. The U.S. Senate has approved the full amount and has urged the House to do the same, warning IMF cash reserves were depleted by bailouts in Asia and Russia and that world markets were at stake. But the committee's chairman, Rep. Bob Livingston, said support for the IMF in the House was undermined by the lending agency's failed bailout for Russia and told reporters he would support only $3.4 billion for the IMF at this time. ''I think the prudent thing to do ... is to go ahead and do the 3.4 (billion dollars), levy some strong conditions and then negotiate the balance, one way or another, with the Senate,'' the Louisiana Republican told reporters. The White House says the IMF urgently needs $18 billion to replenish its reserves, drained by multibillion-dollar bailouts for Russia and three Asian states -- Indonesia, South Korea and Thailand. Without that money, the Clinton administration has warned Congress that the IMF would be ill-equipped to assemble new rescue packages if market turmoil intensified. The Senate approved the $18 billion package on a vote of 90-to-3 on Sept. 2. But opposition in the House has grown over the lending agency's program in Russia. The IMF was already under heavy fire for its policies in Asia. At the Clinton administration's urging, the Washington-based IMF in July arranged a $22.6 billion package of new loans for Russia, aimed at ending the country's crippling economic crisis. Despite the cash infusion, market confidence evaporated, Russian stocks and the rouble crumbled, sending shock waves through global financial markets and fueling fears that Russia's troubles would unleash a global economic downturn. Citing the market turbulence, Treasury Secretary Robert Rubin has urged House Speaker Newt Gingrich and other House Republicans to quickly approve the $18 billion IMF funding package. ''We simply cannot afford any further delay,'' Rubin said in a letter to Gingrich. But Gingrich and House Majority Leader Richard Armey were unmoved. They said the IMF's bailout for Russia had only made matters worse, and was proof the lending agency was often part of the problem, not the solution. ''The policies were not the right policies. They weren't being honored,'' Gingrich, a Georgia Republican, said. ''We ought not just simply continue throwing good money after bad through the IMF,'' Armey, a Texas Republican, added. Livingston, who supported the IMF earlier this year, said he was also skeptical because of Russia. ''The fact is that if the IMF (money) were well spent, and well handled and well managed, I don't think anybody would quarrel with the proposal to use taxpayers' dollars to help improve the economic climate of the world,'' Livingston said. ''But in some instances, and particularly in the case of Russia, we have outright duplicity ... I'm very concerned that taxpayers' dollars are simply being mindlessly wasted by the IMF, and we need to make sure that doesn't happen any more,'' said Livingston. When the House Appropriations Committee meets on Thursday, it will consider legislation approved in July by its foreign operations subcommittee. That panel agreed to give the IMF only $3.4 billion and called for lending reforms by the agency in exchange for the money. The full committee will reconsider the White House's request before sending the IMF package to the House for a vote. Pro-IMF Democrats and Republicans were expected to propose an amendment at Thursday's meeting to give the agency the full $18 billion sought by the administration. ''At this time I would not be prepared to support such an amendment,'' Livingston said. ''But I cannot say with certainty where the votes are, and we're going to have a significant debate.'' Related News Categories: currency, international, options, US Market News

To: Darth Trader who wrote (52022)	9/10/1998 6:41:00 AM
From: donald sew	Read Replies (1) \| Respond to of 58727

Darth, >>>>>>> From Astroecon last Sunday: "Outside of the eclipse the most important astro this week in my opinion is the exact conjunction of Mercury and Venus which will be exactly squared to Pluto. This action starts very early Friday morning 9/11 (mercury often shows up early so maybe even late on Thursday) and lasts ALL DAY on Friday as the moon moves into a T square by opposing Pluto and squaring Mercury and Venus Friday evening. This energy is practically pornographic and should almost certainly reveal many sordid details of the president's problems. The public probably will be disgusted and Clinton will be under great pressure to resign. This energy is what should propel the final 5th wave of 3 down to a low on 9/15." <<<<<<<<<< I have to admit that I am not a believer in astological trading, but I do believe that many do believe in it and that could effect the market. So I am a believer in the indirect effect, if that makes sense. If you saw my post last night, I indicated that my analysis showed a potential 4-6 more down days, which fits right in with that astrological prediction of downswing into Sept 15. Im actually seeing SEPT 16 as the bottom, but Im always off a day. gggggggg Seeya