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To: Mark Adams who wrote (11698)	12/7/2001 11:15:54 PM
From: Joan Osland Graffius	Respond to of 74559

Mark, >>That's a game well heeled corporate types are supposed to be able to win, by being one of the lower cost producers, and taking share from the high cost guys during downturns in demand. Yet that doesn't seem to be how things are playing out in the real world. I think part of the reason you are not seeing this at the moment is we have a generation of corporate management that has not been through tough times. There has been easy money and for some reason or other some corporate management did not understand that during good times they should be stashing cash to be able to get through the tough times. It is also my opinion that a fair number of American consumers are in the same boat. I certainly can think of some corporate managers that have cash and no debt on their balance sheets that should see them through the mess we are in at the moment. But one has to dig hard to find these companies. My fathers generation and my generation learned this lesson and now it is time for the current generation to learn this lesson. Joan