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To: Jim Willie CB who wrote (181)	1/15/2003 11:12:53 AM
From: Mike M2	Read Replies (1) \| Respond to of 1210

Jim, perhaps by 2010 it will be recognized that credit excesses are the problem -g- mike

To: Jim Willie CB who wrote (181)	1/15/2003 11:13:48 AM
From: mt_mike	Read Replies (1) \| Respond to of 1210

Jim, agree with you on state fiscal stress. I read than 49 of the 50 states are required to balance their budget. Almost all states are currently facing huge deficits. Since states are not much better at controling spending than the federal government they will raise taxes. Also, many local governments are in the process of raising property taxes. Any savings produced by the federal tax cuts will be offset by increases in state and local taxes and will not allow taxpayers to consume more or pay down debt. I think NYC proposed tax increases are a perfect example of the action which will be taken around the country. I see the country headed in a downward spiral which should become apparent in the second half of 2003 and the "recovery" will be postponed yet again. Really, trying to prop the stock market is the only thing the government can do to try and continue consumer spending. It will not work in the long term but it may work for a while.