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To: SouthFloridaGuy who wrote (49005)	2/16/2001 6:50:51 PM
From: Steve	Read Replies (1) \| Respond to of 77400

Please explain what you think "deleveraging" is? My take on what you think you mean is the reduction in outstanding private debt both consumer and commercial by a process of defaults, bankruptcies and writedowns. This debt now stands at about $19 trillion (includes privately held portion of government debt it does not include the Federal Trust Fund obligations). Exactly what portion of this outstanding debt will be "deleveraged" How much "deleveraging" will be enough to restore the "imbalances" and "malinvestments"