compiling kernell/text login hangs

[Orvo Leinonen <orvo leinonen operafin fi>]

Hello
Any idea what is wrong?
I have Red Hat 7.2.
I compiled new kernell 2.4.10 just an normal way.
( make xconfig make dep make clean etc.. bzImage modules
modules_install. No errors )
( I have compiled before with earlier red hat versions many times )
I boot up - text login hangs. Never ask me password.
I try to boot orginal ( Red Hat ) kernell and
same  happened with it text login hangs.
With X   -  bootlevel 5  I can go in ?.
It is /bin/login which never end with text login or via telnet login.

 Orvo Leinonen
 Finnish National Opera