I don't follow your asset bubble story, Tony. Let's assume that the asset is a share of stock. You seem to be saying that an asset bubble can exist without the bulls actually buying the asset. Is that what you have in mind? If not, where do the bulls get the money to buy it? And where does the money go when the bulls become bears? Your story seems incomplete. More importantly, now that I think of it, if the asset bubble is merely a book entry and not something real, how does its bursting affect aggregate demand or aggregate supply? Pat Gunning