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To: ild who wrote (133194)11/7/2001 12:19:52 AM
From: ild  Respond to of 436258
 
Fed Focus
Paul McCulley | November 2001
Risk Is A Choice Rather Than A Fate
pimco.com



To: ild who wrote (133194)11/7/2001 12:22:28 AM
From: LLCF  Respond to of 436258
 
<The economy is likely to recover only when the severe imbalances left over from the previous bubble correct themselves. These include the massive overcapacity, record debt levels, a low savings rate and major trade deficits. This will probably take a lot longer than the consensus thinks, and the economy will therefore continue to disappoint the majority of investors. >

But wait! What bubble??? Don't some still deny it? Whew... I think all is well now. VBG

DAK


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