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To: SKIP PAUL who wrote (6379)	12/13/1997 12:46:00 PM
From: JMD	Read Replies (2) \| Respond to of 152472

Skip, beg to differ again. First, it did not all stay in the US economy: we exported an estimated $150 Billion of our pain to the Japanese who massively supplied debt and equity to US real estate markets and then promptly got hammered as prices collapsed and loans went into default. They then had the additional privilege of seeing the Yen appreciate against the Dollar such that when their capital was repatriated, it came back with a further "discount". You seem to imply that it's all a zero sum game, that capital is neither created nor destroyed. There are some microeconomic transactions for which the winners' winnings equal the losers' losings to be sure. But it is a fallacious to assume that this translates at the macro level: the size of the pot can simply shrink. Regards, Mike Doyle