-->Hi,

mal wieder ein Text von Paul Kasriel....
Quelle - northerntrust

Cleaning Up Corporate Balance Sheets - A Start, But More To Go
December 16, 2002

As Chart 1 shows, nonfinancial corporations have dramatically slowed down the rate at which they
are borrowing. On average in the four quarters ended Q3:2002, they borrowed at an annual rate of
$88 billion. That's a far cry from the $400+ billion they were borrowing in the late 1990s.
Nevertheless, the ratio of debt-to-assets of nonfinancial corporations remains very near post-
World War II levels, as shown in Chart 2. Thus, corporate borrowing is likely to remain weak in the
coming year. With pension fund contributions likely to be increasing and borrowing likely to be
weak, how will corporations fund this rebound in capital spending the consensus is talking about?
Maybe profits will surge? Perhaps, but not likely if household spending is slowing. Maybe
corporations will issue equities? That will get a bull market rolling again, won't it? I believe that
capital spending growth next year will be tepid at best as corporations continue to re-balance their
balance sheets.

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Der Bereinigungsprozess dürfte nächstes Jahr spannend werden.

Gruss
Cosa