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To: Paul Shread who wrote (25257)	12/14/2001 5:28:58 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 209892

Paul, quite right...the deterioration in household balance sheets is a sight to see. remember when the mania was still raging and a handful of people pointed to the enormous rise in household debt as a dangerous development? back then the bulls always insisted that, yes, BUT their balance sheet is FINE!. i for one told them that that was a meaningless comment, as the asset side was fraught with a major uncertainty (namely the possible end of the mania), while the liabilities would remain no matter what and would have to be repaid eventually. i don't hear them crow about household balance sheets anymore!