To: MSI who wrote (263231 ) 6/12/2002 2:07:33 AM From: Raymond Duray Respond to of 769667 MSI, Re: There must be a political or economic benefit to this way of thinking. Of course there is. Remember when the bubble started building in the Asian Tigers? One of the effects of that euphoria was to create a financial bubble that had a real estate component. At the height of the folly, there were dozens of see-through buildings in Bangkok, Thailand, to use one example. When the Thai Baht was devalued, almost all of the local developers were caught in the net, they were over-extended with unserviceable debts. A crash in real estate prices, particularly in dollar term ensued. A sizeable chunk of downtown Bangkok is now owned by the likes of the Carlyle Group, the Prometheus Group, Hicks, Muse & Tate and a number of other Anglo-American vulture funds. They bought their wares at ten cents on the dollar or thereabouts. The question that the Thais have is who manufactured the uncontrollable run on the baht? And what was the result. A standard cui bono? analysis makes for good conspiracy theory yarns about western bankers colluding to destroy nascent capitalists in developing countries and having their assets stripped by completely amoral elites. They may have a clue. So, what does this mean in the current real estate bubble in the U.S.? Past is prologue. And guess who holds the chips? Mmmmm, hmmmmm. Yup. You got it. The River Oaks crowd down Houston way. Herbert Walker's neighbors and George's patrons. They're biding their time. A humdinger of a depression here in the U.S. would be a godsend for these folks. Buying assets for dimes on a dollar is always good bidness. The fix is in, the big kahuna isn't an accidental "perfect storm". It's a perfect plan. Ben Dover