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To: Les H who wrote (128410)	10/9/2001 10:31:03 PM
From: Les H	Respond to of 436258

private equity prepackaged bankruptcies messages.yahoo.com

To: Les H who wrote (128410)	10/9/2001 11:59:52 PM
From: James F. Hopkins	Respond to of 436258

It may not be that bad; but demand is falling. :-( <eom>

To: Les H who wrote (128410)	10/10/2001 12:19:57 AM
From: TheStockFairy	Read Replies (1) \| Respond to of 436258

Well, we were at the top top tippity tippty top de top top of the real estate market a few months ago and the whole friggin country was into thinking they made this great investment into housing. "I'm a friggin pro at this real estate game" they said, as the price for their friggin 2 bedroom condo with a view of 1000 newly constructed condos was rising at a rate of 20-30% every 6 months. "Prices have gone up so much, let's buy a Mercedes, a pair of Movados, diamond tennis bracelet, a brooks brother suit and a trip to wherever people go to blow a wad of cash on crappy drinks and rotten meat" they said "while we are at it, let's refi with these new nifty rates and take out our 'winnings' that we have had on this property! Our payments won't go up one bit with the lower rates!" "My job is as sound as the pound! Lucent NEVER lays off! We are only going to use your job at UAL to pay for our credit card debt, the rest of the money I make can go for paying off the rest of the house!" We HAVE NOT seen anything yet in the RE drop. I know too many people that were in the cat birds seat with options, salary, bonus', commissions that are now sitting on a big pile of bills. IMO, when this unwinds, it is going to be far worse than anyone has ever imagined. 25% drop in demand is peanuts.