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To: Bill Harmond who wrote (146182)	8/26/2002 11:59:12 AM
From: GST	Read Replies (1) \| Respond to of 164685

"Not the cause of the recession." Cheap money and cheap energy fueled the expansion through the 90s -- both of these disappeared at the same time. Without these two pillars the expansion could not continue. It is arguable whether or not the economy could have withstood one or the other -- but it could certainly not withstand a rise in both at the same time. This signaled the end of the expansion -- capex was simply the weakest link and fell first and fell hardest. We are still not out of the woods.