To: LTK007 who wrote (96776 ) 7/21/2002 9:20:30 PM From: LTK007 Respond to And toughest quote from the 2nd article,imo <<Stephen S. Roach, chief economist at Morgan Stanley, believes that further job cuts and softening home prices will force consumers to face reality. "Consumers who are savings-short and overly indebted are going to have to pull back and it's going to be a multiyear retrenchment," he said.a record . And debt service as a ratio of disposable income stands at 14 percent, just below the all-time high of 14.3 percent recorded late last year. "pretty appalled" ( my comment, i am not appalled, i see it as a desperate act of a wild gambler desperately trying get out of a losing hand. I expect such "buy me more time" action by Greenspan as he continues to destroy the future just to sustain the moment. These actions of his over the years have already done so much damage i see his/our chances as nil to none. I feel Greenspan the economist has been betrayed by Greenspan the Politician.--max ) moves by Mr. Greenspan's recent testimony. "He said that we can keep the consumer afloat by helping him extract equity from his home to finance expenditures," Mr. Roach said. "With the real economic reverberations of the popped equity bubble just starting to sink in, the Fed seems more than willing to risk inflating another bubble in order to temper the distress."
