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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Joan Osland Graffius who wrote (87096)	12/18/2000 3:40:27 PM
From: Cogito	Read Replies (2) \| Respond to of 132070

>>It is my opinion that the last 10 years has been a credit expansion and not a "real economic expansion". I believe history has shown that credit expansions like the one we have observed will end badly for those that paid high prices for their assets. The debt has to be paid, either by the debtor, the institution that made the loan, or the tax payer. IMO, it will not go away without some pain.<< Joan - To some extent I agree with you. Certainly credit expansion has been a big factor, and a pernicious one. I believe that there has been some real expansion of productivity underlying the credit expansion, though. Yes, the accumulation of debt in this nation is alarming. I personally went through a cycle of accumulating large personal debt, much of it at high interest rates, followed by an economic "crash". I spent several years struggling to pay off my creditors, which included the IRS. I can testify that the process is not painless. It sure feels good to be free and clear now. Imagine how good our country would feel with no national debt. - Allen