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To: Telemarker who wrote (619)	2/5/2003 3:07:38 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 1210

we are in debt liquidation phase but we fight it by increasing our debt levels evermore therein lies the insanity we are increasing debt levels more than what was burned utility debt is killed, telecom debt is killed, other bankruptcies result in more debt killed, defaulted car loans and mortgages are more debt killed but we borrow now evermore against what? against real estate property equity (on GreenScrotum advice) so that is at risk next !!! just because we increase the debts more, doesnt mean they will escape the Grim Reaper that GR is the best friend of King Kondratieff we are setting up for something larger than just an Enron here, a WorldCom there, sprinkle in a weirdo GlobalXing for good measure we are setting up for a much bigger, more violent debt downgrade I refer to a USTreasury downgrade, with rising longterm Trez yield, rising mortgage rates, and rising corporate lending costs... resulting in vastly reduced consumer spending, more lost jobs, more defaults on mortgages, a flood of housing properties sitting on the market and the best of all... rising import costs across the board, a return of price inflation, more real estate equity losses, and an acceleration in the pace of the economic recession our Trez securities are now giving a smaller yield, even as they are increasing in supply that invites serious downgrade and writedowns which translates into higher longterm rates, PERIOD !!! you cannot assume we will issue more and more debt without debt downgrades and debt writedowns also, our lower interest rates are slowing down the economy, not stimulating it twice as much money bearing interest, so less consumer spending (2x the interest received as interest paid) the velocity of money is also slowing which has huge implications on states, citys, municipalities they will start to declare bankruptcy before 2004 ends / jim p.s. plenty of Corned Beef on Carnegie Mellon tennis courts in the late 1970's