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B4 The Bell, Tuezelday, February 17


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The Fed added $7 billion repos today, continuing a pattern starting late last year of adding rapidly to the pool of repos at times of need - year-end, SOTUS, settlement date for the bond auction (today) - and then pulling back fast when the need is finished.

 

Still the underlying tone is slightly more aggressive this year than last.

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the fed is a fricking joke, they ahve never , ever, been easier. How the F can tey keep rates suppressed at 1% if they were not puttin the pedal to the medal. This whole frickking bubble(s) ( stocks, housing, junk credit) is a massive coverup for bubble number 1.

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Posted on Tue, Feb. 17, 2004

 

Ala. employer to close; jobs headed overseas

 

Associated Press

 

 

ANNISTON, Ala. - A ladder manufacturer will shut down its plant here by the beginning of 2005, putting about 550 people out of work.

 

Werner Co. said it would release details of the closure Tuesday, after managers had notified all workers.

 

http://www.miami.com/mld/miamiherald/news/...ews/7973040.htm

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Comments by Sec. Snow

 

Asks for "understanding" about huge budget deficits and repeats that Congressional mandated phased-in tax increases - starting in 2005 - amount to..well..a tax increase.

 

? 2004, Tax anal cysts, Tax Notes Today, FEBRUARY 17, 2004

 

FEBRUARY 17, 2004 TUESDAY

 

Treasury Secretary John Snow's appearance February 13 before the Senate Budget Committee gave lawmakers an opportunity to rehearse their talking points before the debate over the budget resolution reaches a fever pitch in the coming months.

 

If Senate budget writers' reactions to Snow's testimony are an indication of things to come, Republicans will praise President Bush's tax cuts as a vital economic stimulus while Democrats criticize the looming deficits as unsustainable. Republicans will push spending restraint to move the budget toward balance while Democrats accuse Bush and his congressional allies of hiding the true cost of the tax cuts.

 

Snow repeated many of the lines he and other Bush administration officials have used liberally since the White House budget was released February 2. The budget deficits projected by the Office of Management and Budget and the Congressional Budget Office are "large," "unwelcome," and "unacceptable," but "understandable" given the recession and war on terror, Snow said.

 

Snow extolled the tax cuts for brightening the economic outlook. "Without the tax bill last year, the economy never would have been where it is today," he said.

 

Asked by Sen. Jim Bunning, R-Ky., to identify his priorities for permanent extension, Snow declined to pick a favorite from among the raft of tax breaks included in the Jobs and Growth Tax Relief Reconciliation Act (P.L. 108-27) of 2003, which most notably included dividend and capital gains tax rate cuts.

 

"There's an awful lot of good tax policy embraced in what you did last year, and if that's not extended, it amounts to a tax increase," Snow said.

 

Can't provide link to entire story - subscription service.

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