Consumer Credit

When consumer credit is being exhausted and we see a spike in borrowing toward the end of a cycle, what it's telling us is that the consumer doesn't have cash. They need to borrow, and they're using all their borrowing capacity right now at whatever rate they can get. This feels like this is our version of the two thous a bubble. As much as i'd love to see the down turnand of a company like black rock, i think all of us are more concerned with our own individual well beings.