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To: Robert Douglas who wrote (3118)	7/20/2001 12:39:47 PM
From: Ahda	Read Replies (1) \| Respond to of 3536

I still believe the dollar needs to come down before manufacturing can make a healthy rebound. You are right but our nation has found a less expensive method of production in outsourcing. At least O'Niel's hopes can have direct impact of consumer spending whereas the FEDS easing combined with corporate cost cutting here has as very good chance of little effect.

To: Robert Douglas who wrote (3118)	7/20/2001 10:05:44 PM
From: Lee	Read Replies (1) \| Respond to of 3536

Robert, At this point I think the consumer holds the fate of our economy. This consumer is losing jobs, wealth and is dis-saving. The savings rate and capacity utilization rate are both at low points since 1982. Given this the interest rate cuts are likely helpful but investment options aren’t quite what they used to be. Fiscal stimulus is helpful. But is it enough? The drivers now are debt and government. Which is more sustainable? Lee