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To: schrodingers_cat who wrote (122387)	4/2/2001 12:11:47 AM
From: GST	Read Replies (1) \| Respond to of 164684

Cat: That is the question. Does the Fed want to stimulate spending or not? Everybody is calling for faster and deeper cuts -- and walking away surprised and disappointed. Rates are tight relative to inflation. I think this is an effort to steer us onto a steadier course, without reflating the stock market. We don't save Cat. We should. It might take a couple of years to learn. In the mean time, if half the money that went into stocks went into savings instead, and if people who are strapped paid down debt instead of borrowing more, we would have something useful in the long-run -- lower interest rates and an economy on better long-term footing. Don't be so sure that the Fed is on the side of the stock market and increased spending. Ask AG what is better, paying down the national debt or tax breaks to spur new spending -- you will always get the same answer -- pay down the debt. This would be forced public savings. But we are not going to get it. We are going to have higher rates until we let go of our obsession with chasing stocks and start to pay down debt and save.