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To: GST who wrote (146181)	8/26/2002 10:14:07 AM
From: Bill Harmond	Read Replies (1) \| Respond to of 164685

In the fall, 2000, energy prices were a headwind for the economy. I agree with you. Not the cause of the recession. The recession was caused by a contraction in business CAPEX. The consumer has been strong throughout this recession, and the consumer is more affected by energy prices than businesses, particularly the sectors hardest hit by this recession like financial services, media and communications. Autos, for example have stayed very strong. Consumers wouldn't be out buying new SUV's if they were worried about energy prices.