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To: Mark Adams who wrote (207365)	11/30/2002 5:48:58 PM
From: Les H	Read Replies (2) \| Respond to of 436258

The higher the real estate assessment of your home, the more your personal savings rate goes up... personal income and changes in home values bea.gov It appears the personal income figures reported by the BEA includes the increase in home values, which is referred to as imputed income related to home ownership, and excludes the gain at sale of the same asset.

To: Mark Adams who wrote (207365)	12/12/2002 1:42:06 PM
From: Earlie	Read Replies (2) \| Respond to of 436258

Mark: I noted earlier that savings were up. This is very negative for the economy short term (albeit very good over the long term). In the short term, the consumer is doing exactly what one would expect, given his "dire straits" debt situation,..... he is pulling in his horns. Since he is the only buyer of a massive excess of global goods, should he continue this path, we head into deep recession. I do not know how he can do otherwise. The author of that piece missed this key latter point. Best, Earlie