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To: Frank Pembleton who wrote (15403)	2/22/2002 10:08:47 AM
From: Steve Lee	Read Replies (1) \| Respond to of 74559

"financing capex isn't all bad" Depends on capacity. Funding capex if it is not economically viable is bad. EG should the govt fund the laying of network infrastructure or chip building today, with such a glut of capacity in both areas? Best way is to let the market decide.

To: Frank Pembleton who wrote (15403)	2/22/2002 11:59:38 AM
From: mcg404	Read Replies (1) \| Respond to of 74559

re: Running a deficit for welfare is stupid, but financing capex isn't all bad... Frank: I agree this is a better way to frame the debate than simply debt is good or bad. Maybe better to say the inter-generational transfer of debt is appropriate when the benefits (use of the road or what ever infrastructure you borrowed to build) is also inter-generational. john