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To: Art Bechhoefer who wrote (121222)	7/2/2002 9:51:08 PM
From: kech	Read Replies (1) \| Respond to of 152472

OT - I haven't read his stuff in a while but I do remember a strong criticism of any kind of depreciation stimulus as a "corporate giveaway" and this was last summer/fall when the recession was coming on strong. I assume he was also against the rebate and tax reduction. Personally I think we would be even more distant from coming out of this recession without the tax cut. The faster depreciation allowances might have stimulated some business investment. Particularly if there was a time window on it say for 2002 only. Krugman's diagnosis was that all recessions are the same, and absence of consumer spending is the problem. I just don't think that fits this recession.