Hi,

Your wrote:
> The sad thing is the middle
> class is flat broke, credit cards are max-ed
> out, and their savings is about
> zero. They refinanced their homes, now they
> have nothing to fall back on
> when things get bad.

I agree with you. What bubbles are left? FWIW, the link below is to a Morgan Stanley letter on bubbles.

Best,

- Boyd


http://www.morganstanley.com/GEFdata...i.html#anchor0