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To: Victor Lazlo who wrote (112341)	12/2/2000 12:53:31 AM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164685

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. Victor, I believe we mostly agree. I agree this consumer that refinanced, etc. as you mentioned has spent their refinanced money. Not only that, if they had any money in the market, it is likely worth less. This is one group and it is a large group. There is another group that helped with consumer spending. This was a little lower income group that often was unemployed. The economy was so strong and the service sector really exploded giving these people lower paying jobs but they were jobs. They also had confidence they would remain employed. These people did not spend nearly as much as group one but they spent and there are likely millions of them. Now they are no so sure their job is secure. They cut their spending just as the first group who borrowed to spend. We need to instil confidence in these people so they know they will keep their job. They are not in debt and are also a conservative spending consumer meaning they do not buy unless they have the money. They don't borrow. This I see in my stores. Last year was kind of amazing in the stores. We had the people which you pointed out that used credit to buy anniversary bands, etc. Money did not seem to be an issue. Then we hand the people that often had no regular income having full time jobs. They bought lower priced items but they bought. I can assure you at least in my area, this is ending at the moment. Glenn