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To: pater tenebrarum who wrote (123095)	9/17/2001 10:23:32 PM
From: UnBelievable	Read Replies (1) \| Respond to of 436258

Whistling By The Grave Yard Among the interesting data points which did not get much attention today was consumer credit which after last months decline, and the expectation that it would increase this month, was completely flat. We clearly are at the point where consumers don't want more credit, even cheap credit. While it would seem that the various parties involved have developed techniques to avoid disorderly market declines it appears that they have not given much thought to the desireability of doing so, nor the cost. Perhaps we have avoided fear but it may be at the cost of a protracted malaise. Amazing really that everyone seems to think that the current situation is just another one of those market adjustments that take place from time to time. The idea that we are experiencing the consequences of massive malinvestment and a significant change in demographics, neither of which can be remedied by monetary or fiscal policy is just not one which is discussed. The similarities to Japan can not be greater, and in fact their demographics are about 10 years older than those in the US. It is interesting that even though economists have a much better understanding of the issues than ever previously was the case that having the understanding did nothing to prevent this all too familiar scenario from unfolding.