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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (33325)	10/3/1998 8:59:00 PM
From: Amir Shalit	Read Replies (1) \| Respond to of 132070

Mike, why do you think the U.S. indexes are still so high relative to all other major markets? Is it only the (Human) dips? Or is it that eternal American optimism that no one else in the world seem to have (for a good reason -g-). Amir

To: Knighty Tin who wrote (33325)	10/3/1998 10:48:00 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 132070

MB, >>In 1929, Dellionaires were RCAristocrats. The trick is to buy DELL at the bottom of the crash--a penny stock.<ggggg> Joan

To: Knighty Tin who wrote (33325)	10/4/1998 1:05:00 AM
From: Richard Nehrboss	Read Replies (1) \| Respond to of 132070

Michael, et al... First of all, a thanks for the outstanding source of information that I (a lurker) have found the thread to be. Two questions: 1. What typically happens to out of the money calls after an acquisition announcement, that have strikes above the buyout price... ie.. ABC has a buyout offer for $13.. stock is at $9.. Nov 10s go up a bunch, but what about nov 15s? 2. Do you see oil going up with other commodities as rates come down? Thanks RDN

To: Knighty Tin who wrote (33325)	10/4/1998 1:48:00 AM
From: flickerful	Read Replies (1) \| Respond to of 132070

G-7 Agrees to Explore Clinton Plan for New IMF Loan Mechanism 8:04pm EDT Washington, Oct. 3 (Bloomberg) -- The Group of Seven industrialized nations agreed to explore a U.S. proposal for a new International Monetary Fund lending mechanism to aid countries threatened by the flight of investment capital. The guarantee of such funding would make it easier for countries without fundamental economic problems to convince investors they can pay their obligations. That's a departure from current IMF lending rules, which dictate that countries must be in economic danger before loans can be made. The finance ministers from the U.S., Japan, Germany, France, the U.K., Italy and Canada said the lending plan unveiled yesterday by U.S. President Bill Clinton is worth exploring. Officials from the nations were asked to report back about whether it would ''provide more effectively contingent finance to help countries pursuing sound policies to maintain stability in the face of difficult global financial conditions.'' Elsewhere in the statement released after an afternoon meeting in the Blair House across the street from the White House, the G-7 finance ministers: -- Said they would ''monitor developments in exchange markets and cooperate as appropriate,'' which they said represents no change in G-7 policy. -- Called on Japan to use public funds to assist in a rapid restructuring of its banking system. -- Noted that growth has been strong in the U.S., U.K. and Canada and that these G-7 nations should take ''appropriate policies to maintain conditions for sustainable growth.'' -- Said growth should strengthen this year in continental Europe, where ''it is important to preserve conditions conducive to robust domestic demand, to implement structural reforms and reduce unemployment.'' Brazil Aid Plan The call for a study of the U.S. proposal comes as Brazil -- a country that's drawn praise for its economic reform efforts -- is seeing an outflow of dollars that topped $18 billion last month alone. Earlier IMF aid programs for Thailand, South Korea, Indonesia and Russia weren't enough to overcome the collapse of their currencies, stock markets and recessions that followed capital flight from those nations. The G-7 countries and the IMF are expected to unveil a Brazil aid package of as much as $30 billion early next week. Senior U.S. Treasury officials said yesterday that final details of the new IMF lending mechanism may not be ready for approval during the IMF's annual meetings next week. It also wouldn't be funded unless the U.S. Congress approves the Clinton administration's request for another $17.9 billion for the IMF. Republicans in the U.S. House of Representatives have refused to approve the IMF funds. The request includes $14.5 billion in general dues payments to the IMF, and $3.4 billion for a separate IMF loan program, the New Arrangement to borrow. U.S. approval would trigger payments from other countries totaling some $67 billion, replenishing the IMF's diminished coffers. Treasury department officials estimate the IMF has only $8 billion to $9 billion available to lend at present. The G-7 statement called on the U.S. to approve the new funding. Russia Warning The G-7 statement also said Russia should work with creditors on debt restructuring and close its insolvent banks. And the group warned Russia not to trigger inflation by printing an excessive supply of money. Russia's $22.6 billion loan agreement with the IMF has been on hold since the government defaulted on its debt. The government has begun printing money to increase its monetary base, a move that prompted the G-7 to warn of inflation. In August the IMF put together a $22.6 billion loan to Russia. The new Russian finance minister, Mikhail Zadornov, is in Washington lobbying for release of the next $4.3 billion installment of the IMF loan, arguing it's needed to prevent social unrest. U.S. officials have been reluctant to offer additional assistance beyond the initial $4.8 billion installment released by the IMF in August. The Russian government broke most of the IMF loan conditions after it defaulted on domestic Treasury bills and bonds in August, printed money to pay delayed wages and pensions and give cheap loans to industry, and let the ruble devalue. Russia said this week it will negotiate separately with different groups of bondholders on new terms for restructuring the 281 billion rubles (U.S.$17.6 billion) in debt the government defaulted on. The government also expanded the scope of the talks to discuss settlement of more than $10 billion in currency forward contracts, in which Russian banks guarantee future delivery of dollars they don't now have. Morning Meeting This morning Rubin and Federal Reserve Chairman Alan Greenspan met privately with Japanese Finance Minister Kiichi Miyazawa and Bank of Japan Governor Masaru Hayami. Miyazawa ''stressed the importance his government places on rapid implementation of fiscal stimulus measures, particularly in light of recent economic performance,'' the U.S. Treasury Department said in a statement, read by a Treasury spokesman. He said his government intended to take ''all possible steps'' to restore financial stability and reverse the economy's decline, the statement read. Japan is in its deepest recession since the end of World War II. The Economic Planning Agency said last week it will soon revise its forecast for the year ending next March 31 from the government's official projection 1.9 percent growth. Most economists expect Japan's economy to contract for the year. The statement also repeated language regularly used by the U.S. to describe U.S.-Japanese discussions of exchange rates. ''Minister Miyazawa expressed his concern for the excessive weakness of the yen, and Secretary Rubin shared his concern,'' the spokesman said.'' They reiterated their commitment to continue to cooperate closely in the exchange market as appropriate.'' Miyazawa, speaking to Japanese reporters after the meeting, said the issue of foreign exchange wasn't discussed, since ''now is not the time'' to talk about it.