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To: GST who wrote (151222)	1/1/2003 11:09:45 PM
From: BGR	Read Replies (2) \| Respond to of 164684

I personally believe that the impact of oil prices and tax rates is much lower on the US economy than lower mortgage rates. They are bellweather issues that have psychological impact, so they may be significant. But I think the greatest threat right now is a massive downsizing of state Govt budgets - which are running huge deficits and cannot do so by law - which will reduce spending all across the country. Hence I feel that the Feds have to do something for the states here, even if it comes across as a moral hazard.