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To: Glenn D. Rudolph who wrote (112334)	12/2/2000 12:30:32 AM
From: schrodingers_cat	Read Replies (1) \| Respond to of 164685

>...pychology of the spending consumer can change immediatly. Do you think that the election issue is really affecting consumer spending? What would be its impact relative to oil prices and the NAS decline? >...before this snow balls The feedback between the market and the economy is worrying.

To: Glenn D. Rudolph who wrote (112334)	12/2/2000 12:39:47 AM
From: Victor Lazlo	Read Replies (1) \| Respond to of 164685

<<We need the consumer to spend heavily now before this snow balls on the downside in my opinion. >> Glenn they already have, and they are now forced to stop spending because credit is reaching max-out point. Number of personal bankruptcies is way up now. I suspect from anectdotal evidence that when interest rates were really low a couple of yrs ago and huge numbers of people refinanced their homes, many of them used the savings (and in some cases higher home equity also) to increase their spending. So no money was really saved; it was spent. I strongly believe those huge no's of refis were key in all this consumer spending and high consumer confidence levels we've had the last few yrs. But if that is true, the money is spent, it's gone. jmho Victor