Message-ID: <23870683.1075857835273.JavaMail.evans@thyme>
Date: Thu, 22 Mar 2001 23:42:00 -0800 (PST)
From: kevin.ruscitti@enron.com
To: jstamas@carolina.rr.com
Subject: Re: Good Buying Opportunity????
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Stamos, 

Glad everyone had a good time at Sweets'.  I hope he had a blast.

In terms of your email reply,
you can have Calpine.  How are they going to make money long term if price 
caps are instituted?  This obviously would be the stupidest policy.  In 
addition
their exposure to the CA crisis must be pretty significant - when and how are 
they
going to get paid?  I wouldn't want to bank on the energy market in the most 
regulated state in the country.  Plus, if the state backs energy purchases, 
it's 
going to get to the point where who wants to own CA credit??  PG&E and Edison
International are doomed, as they should be.  The state of CA is going to go
down the tubes unless they find some good leadership.  Unfortunately, noone
out there seems to have the least clue on how to solve the problem.  The 
politicians
are a complete joke.  It is incredibly disheartening to witness the absolute 
stupidity
of the CA politicians in addressing this issue.  They seem to be much more 
focused 
on finger pointing than coming up with a viable solution.  I honestly think 
they are incable
of solving the problem.  


KR