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To: Brian P. who wrote (45457)	4/8/2000 10:25:00 PM
From: Joan Osland Graffius	Respond to of 99985

Brian, >>I tend to see these credit card companies as preying on vulnerable people, i.e., simultaneously exploiting desire and ignorance about managing money. I agree 100%. My comment on it being a social welfare system is not the ordinary definition of the term. I think of it as a system where the people that participate pay for the system and included in the price are defaults and administrative costs to these participants, some of which end up as profits to the companies that offer the service. BTW, did you see the following press release. Europe to urge U.S. at G7 to boost savings rate. biz.yahoo.com I wonder what kind of economic shock would have to happen if we were going to get the American to change his/her savings habits? I am assuming this is a political diffusion by the Europeans. Joan