In re all this deflation stuff, I had an interesting conversation yesterday with a friend who's a civil engineer. He does a lot of inspections for refinancing, etc. and he was telling me that even though interest rates are low, banks aren't lending money because they can't make a spread on the loans. Even if the almighty Greenspan does lower short-term rates, could we be in for a credit squeeze if long term rates continue to fall?
Jim Baird
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