Doug Henwood already mentioned why the present expansion is so improbable
given the budget surpluses. Much of the impetus has come from increased
reliance on debt, perhaps through the wealth effect. I suspect that when
the a slowdown occurs, there will be a sudden realization that much of the
physical capital invested is so much less value than it was thought to be --
paralleling the ongoing loss of value in the dot.com world. I also
understand that there has been a splurge in office building ahead of
demand. To what extent is that true?--
Michael Perelman
Economics Department
California State University
[EMAIL PROTECTED]
Chico, CA 95929
530-898-5321
fax 530-898-5901
