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To: Knighty Tin who wrote (211331)	12/24/2002 7:32:21 PM
From: Joan Osland Graffius	Read Replies (5) \| Respond to of 436258

KT, Wow, I got your attention. <g> People have not lost enough money "yet" to demand that things get fixed. The game that is being played at this point in time is wall street management buying time while they get their retirement plans in place so they can leave the mess to someone else. There is no proactive activity to fix anything as we still have a culture of public relations assuming the public will buy what ever is advertised. The mutual fund industry will get their time front and center for not doing the home work expected by the fund holders. This should be fun to watch. There is a problem with off balance sheet debt. I have not looked to see if the off balance sheet debt at Home Depot, Walmart, etc. is sitting in the fine print of the SEC filings. One of these years the public will demand that our great and glorious representatives in Washington let the FASB put teeth in the accounting regulations. The pension problems will drain profits from corporations and investing in profitless businesses is not my idea of having fun. You are right on with government pension plans and one of these years they will get back to conservative investing - you know like the good old days. The tax payer will have to force this discipline. I am surprised that it is taking such a long time to expose the sins of the 1990's. At the rate we are going it will take 20 years to clean up the mess.