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To: Mike M2 who wrote (44683)	4/2/2000 3:00:00 PM
From: Casaubon	Respond to of 99985

debt is growing faster than income That just implies more people are applying leverage. It does not constitute a sufficient condition for defining a ponzi (in fact it is not even a necessary condition). Leverage is risk. The question one needs to ask is one concerning the quality of risk. Obviously there are those here who would argue that the quality of risk has diminished. Debt is not necessarily bad. In fact, there are currently systemic incentives to incorporate debt into ones lifestyle. Until, and unless, those incentives are abrogated, the trend will continue. IMO.