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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: AllansAlias who wrote (67247)2/13/2001 1:49:01 PM
From: chic_hearne  Read Replies (1) of 436258
 
Allan, I did like what one of the senators said. He was right on the money in my opinion. Can't remember which guy is was, but went something like this:

Take two people earning the exact same income. Person A is near retirement and has been watching their 401K statements ballon over the past few years. Person B isn't near retirement so they don't have much in their 401K. Therefore, Person A has been much more likely to overspend the past few years because they feel rich everytime they looked at their retirement accounts.

This, IMVHO, is ***EXACTLY*** how the stock market has been fueling the economy. Of course, the reverse will also be true with a declining stock market. The future rich will slow spending because they all of a sudden don't feel so comfortable with what their retirement accounts look like. In other words, we're f*cked unless they can't re-inflate the bubble.
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