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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (8377)	10/24/2002 3:10:45 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 89467

Lance Lewis sums up "checkmate" in Friday's edition: [an excerpt from a private subscriber site] The economy (which is dependent on the consumer, who is in turn dependent on the mortgage market to sustain him through refinancing and the housing bubble) finally appears to have reached the no-win scenario for the Fed and Uncle Al, which have tried to bail out one bubble with another. If economic activity picks up (which it won't, but go with me here) and stocks recover, interest rates will rise and pop the mortgage bubble, tanking the economy and stocks. If the economy continues to deteriorate, mortgage rates can't go much lower so there's not much incremental benefit to the consumer, and the economy and stocks still lose. In chess, it's called "checkmate."