Jan. 29, 2001
Hi Pen-l:
Late last week a consumer group in California held a press conference to in
part read a leaked memo from Credit Suisse First Boston. The memo states
that the rolling electricity blackouts in the state should have the desired
effect of "softening up" the legislators to support a public bailout of the
utilities' debt. The blackouts had their desired effect. In the words of
wits, financial capital doesn't speak it shouts. California's politicians
have decided to issue bonds to publicly repay the utilities' debt, with
taxpayers gaining stock in the assets of the bailed out corporations.
Isn't government ownership of private assets what Federal Reserve Bank
Chairman Alan Greenspan opposes?
Seth
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