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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: marginmike who wrote (160495)4/17/2002 12:37:52 PM
From: Earlie  Read Replies (4) of 436258
 
MM:

This isn't a "recovery", it is a ho-hum response to a fed-induced engorging of the system with massive excess liquidity. The wonder of it is that the response has been so tepid. Yes, the initial wave of lay-offs has relented a bit, but it hasn't gone away. Yes, the average J3P has gone out and bought a zero percent financed SUV with the bucks he jerked out of his home equity through a Fannie-financed "refinancing" of his house, but his "savings" remains negative and his debt load is historic. Yes, corporations are meeting the (hugely reduced) analysts' expectations, but the reported results underline an earnings collapse and the corporate debt loads are becoming "unserviceable" as the profits evaporate (no wonder Moodys is downgrading huge bundles of debt paper every few weeks).

Currently, both Greenprint and the rest of the world depend upon the U.S. consumer. That is one heck of a shaky entity upon which to pin any hope of a "recovery".

Best, Earlie
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