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To: nextrade! who wrote (17895)	2/26/2004 10:52:42 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 306849

that's an excellent piece The current easy credit policies to "re-inflate" the economy have slowed the necessary creative destruction in order to bring the economy back into balance. Overcapacity remains in many tech industries. Firms with enormous debt have been able to refinance at lower interest rates and continue to limp along. The result has been poor pricing power for firms that are the industry leaders. Mergers are slowly taking care of some of this, but it is a slow clumsy painful process. This uncoordinated economy is the legacy Greenspan has left us. let's not forget the bankruptcy laws as well....MCI/WCOM was a failed entity that was propped up by the bankruptcy laws and the politicians that made sure they were awarded government contracts (likewise some airlines) which simply adds to the level of overcapacity...