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To: mishedlo who wrote (115648)	8/5/2001 4:05:22 PM
From: patron_anejo_por_favor	Read Replies (3) \| Respond to of 436258

<<It's different this time. Yes indeed. And sad to say Greenspan is encouraging this How long can people continue to take equity money out of their house?>> Excellent point Mishedlo... The real issue is that equity is being withdrawn, not to pay down debt but to finance consumption (witness the ongoing rise in personal spending relative to personal income). This has both short AND long term consequences...the short term consequence is that the bubble is preserved a bit longer, debt levels remain high, and the economy staggers forward a couple more steps, before dropping in its tracks. In the long term, Boomers are depleting their already insufficient savings to finance retirement. In 2020, expect to see lots of Septegenarians working the counters at Mackie D's.<NG>