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To: Mark Adams who wrote (108899)	6/14/2001 10:35:26 PM
From: LLCF	Read Replies (2) \| Respond to of 436258

<Yet I was still willing to try and refute the assertion that GDP growth has been financed via additional debt with decreasing efficacy.> Why??? Look around, don't you think WalMart has decreasing marginal return on it's investments at this point?? Go to the freakin MALL man!! <VBG> DAK

To: Mark Adams who wrote (108899)	6/15/2001 2:50:47 PM
From: Mark Adams	Respond to of 436258

Consumer Installment Credit and Tax Rebates Consumer installment credit outstanding jumped again in April, up at a 10.7% annual rate - 16.0% for “revolving”, i.e., credit cards, and 6.5% for “other”, mostly motor vehicles. (Home equity is not included.) Does a 10%+ pace of debt growth reflect continued strength in consumer spending? We doubt it. The Fed no longer reports the breakdown of “new” debt vs. “repayments”, but our bet is that total debt is currently more driven by slower repayments than by new debt. firstunion.com