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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (161091)	4/20/2002 1:25:07 AM
From: Les H	Read Replies (1) \| Respond to of 436258

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To: Les H who wrote (161091)	4/20/2002 8:53:20 AM
From: Giordano Bruno	Read Replies (1) \| Respond to of 436258

On the subject of fundamentals, The Wall Street Journal quotes John Lonski, chief economist at Moody's, saying "the debt repayment capacity of corporate America has dropped to its lowest level in years. You're not going to come back to those higher levels of cash flow to debt or cash flow to net interest expense that held during the capital spending boom of the 1990s any time soon. That by itself is reason to expect at best a modest recovery in capital spending." The Journal also reports that as of last week, Moody's downgraded the credit rating of 5.7 companies for every one it upgraded, adding "It was the highest ratio of downgrades to upgrades since the credit rating agency began tracking the figures in 1986." http://hsgfx:reciprocal@www.hussman.com/hussman/members/updates/latest.htm