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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Henry Volquardsen who wrote (2940)	1/8/2001 3:09:09 PM
From: Robert Douglas	Read Replies (1) of 3536

Henry, Your memory of the S&L crisis mirrors my own. I can distinctly remember a discussion I had in 1980 with the man who would later chair the Federal Home Loan Bank Board - Richard Pratt. We were discussing the problems of the S&Ls. You are right, there was a lot of blame to go around, just like there is blame to spread on the most recent financial charade - the bubble in a number of tech stocks. I suspect we will pay for that folly with lower capital spending for several years. I'm looking at a chart of capacity utilization right now and we've never had such a high level of over-capacity on the doorstep to a slowdown. This does not bode well for a quick turnaround in the capital spending cycle.

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