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To: Nadine Carroll who wrote (141723)	1/4/2002 6:16:36 PM
From: Mike M2	Respond to of 436259

Nadine, IMO there will not be an economic recovery this year only TL & EV. I suppose part of the US $ strength comes from the ( false) perception that the US economy will have a short recession. The bulls ignore the collapse in corporate profits, layoffs, debt, excess capacity. The fact that the market has been able to ignore such a bleak picture does not change economic reality it simply means the downturn will be more severe as the consumer is encouraged to spend too much, save too little and stay in the Ponzi scheme ( stock market). Mike