Why does Greenspan need to cut rates you may ask? The US economy appears to be showing signs of recovery. Wall Street has rallied smartly this year. Consumer confidence will surely return. Why, why, why? IT IS ALL ABOUT JOBS Did anyone look at Thursday's jobless claims? The data was underestimated again and the revision was worse. Jobless claims have consistently been above 400k for months on end. People are still losing their jobs at an alarming rate. When is the last time you have heard that Corporate America was actually HIRING? It was 1999. When Corporate America starts hiring again, is when confidence will return. Everything else is artificial. Throw the 2004 Presidential Election in the mix and what do you have? You have a President that is doing everything in his power to win a second term. Give me a break. Bush started a war. He won the war (that was a no-brainer), but is losing the battle. Weapons of mass destruction have not been found. Americans are still fighting and dying in Iraq. We have not found Hussein or his sons and Bin Laden is still on the lose, dialysis machine and all. If the election was today, the only thing Bush could beat is his dog. To win re-election, Bush only has one bullet left in his smoking gun. He has to turn this economy around and he has to do it RIGHT NOW. Rates are going lower still. This securities markets rally is for real and it is far from over. By the spring of 2004, you will be refinancing AGAIN at 2%.