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To: mishedlo who wrote (200553)	10/28/2002 8:47:30 AM
From: Earlie	Respond to of 436258

Mis: The Beige book says it all,..... try to find a sector of the economy that isn't shrinking. Given the fact that the whole economy is now completely dependent on consumer spending, Investors really need to keep their eyes on only a few items to understand where we are heading; lay-offs, consumer borrowing (particularly since the consumer is so heavily leveraged today that he can spend only what he can borrow), and goods transportation numbers. Yes, there are a host of other excellent indicators, but these three do the job nicely for the average guy. Reits? Better to call them grenades with no pins. It is obvious that sooner or later they will blow up, but the problem is, it takes much better sleuthing skills than exist at this end to ascertain WHEN they will blow. Best, Earlie