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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 175.25

+0.6%

Dec 19 9:30 AM EST

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To: Whatnot who wrote (138533)	7/12/2005 8:47:26 PM
From: Jon Koplik	Read Replies (1) of 152472

Re : "borrowing $2 billion every day" -- Macro-economics 101 alert ! There's a very profound (and very correct) idea in macro-economics that I was "introduced" to (about thirty years ago) in a piece titled (I believe) : "Deficit, Deficit, Who's got the Deficit ?" The idea was : it is a mathematical tautology that in an economic system with both a "public" sector and a "private" sector, if the government sector is borrowing heavily, then the private sector will NOT be borrowing heavily (and, the opposite, too). I have always remembered this "piece," and found it very useful to have in the back of one's mind when people such as Paul Krugman are running around saying "the sky is falling." (Remember, if that were indeed true, be sure to SELL SKY). Corporate bond spreads are extremely low now because corporations are extremely UN-LEVERAGED now. Jon.

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