Heinz Blasnik- Views You Can Use Message Board

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Strategies & Market Trends : Heinz Blasnik- Views You Can Use

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To: benwood who wrote (859)	5/7/2003 8:05:56 PM
From: gpowell	Read Replies (1) of 4904

Instead, there has been a great credit card & refi bridge/binge to connect the standard of living from when they were "confident" to when they fully expect to be confident again. Consumption smoothing is a well known phenomenon. However, the data suggests that that isn’t what individuals are doing. It does appear that the savings rate began recovering in early 2002. Also, the refi data from Q42002 indicates people are paying down their mortgages. Greater than 20% of refi’s in Q42002 resulted in lower outstanding balances. That is a record. Money has been flowing out of equities and into bonds, money markets, and housing.

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