It has recently become fashionable to regard black holes as elementary
particles. By taking this suggestion reasonably seriously it is possi
ble to cobble together an elementary particle physics based on estimat
e for the decay rate (black hole)i --> (black hole)f + (massless quant
um). This estimate of the spontaneous emission rate contains two free
parameters which may be fixed by demanding that the high energy end of
the spectrum of emitted quanta match a black body spectrum at the Haw
king temperature. The calculation, though technically trivial, has imp
ortant conceptual implications: (1) The existence of Hawking radiation
from black holes seems ultimately dependent only on the fact that mas
sless quanta (and all other forms of matter) couple to gravity. (2) Th
e essentially thermal nature of the Hawking spectrum seems to depend o
nly on the fact that the number of internal states of a large mass bla
ck hole is enormous. (3) Remarkably, the resulting formula for the dec
ay rate gives meaningful answers even when extrapolated to low mass bl
ack holes. The analysis seems to support the scenario of complete evap
oration as the end point of the Hawking radiation process (no naked si
ngularity, no stable massive remnant).