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To: Les H who wrote (57793)	1/13/2001 10:06:35 AM
From: Les H	Respond to of 436258

Greenspan's recession should be the Democrats' headache newaus.com.au

To: Les H who wrote (57793)	1/13/2001 3:15:45 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

Les, I find this sentence in the "Telco Debt Iceberg" article very telling: It said about 90 percent of the debt raised in the last 18 months was investment grade and unlikely to default. But a proportion of the debt is at risk as long as financial markets deny further funding to the industry and economic conditions deteriorate. See, that's just it: Lenders were making loans with the assumption that the loan will float as long as financial markets allow future funding and economic conditions did not deteriorate. Which is patently absurd! That is the root cause of the Ponzi finance schemes that are prevalent today.