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Politics : Stockman Scott's Political Debate Porch

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To: stockman_scott who wrote (9471)	11/16/2002 8:41:48 PM
From: Jim Willie CB	Read Replies (1) of 89467

Russell Comment on the Dollar-- The greatest mystery of all is what keeps the dollar from collapsing. One theory is that the dollar is a lousy currency, but all the other currencies are worse. Another theory is that there's been so much borrowing against the dollar that the dollar is in a sort of giant universal short squeeze. With unbelievable amounts of debt in existence, everyone needs dollars to carry their debt. Speaking of debt, check this out. New York City has a deficit of $1 billion this year and over $6 billion for next year. According to today's New York Times, this is what the City faces -- "Mr. Bloomberg wants to close next year's $6.4 billion gap with the $1 billion in income taxes from commuters; $2.3 billion from the higher property taxes; the $800 million surplus from this fiscal year; $1.1 billion in cuts in city agencies; and $1.2 billion in actions requiring the approval of the state and federal government and the city's labor unions." Escape to California? You think California is any better? The state of California budget deficit for next year is estimated at $21 billion, up from an earlier estimate of $ 10 billion. How is this monster deficit going to be financed. I'm afraid to find out. To live in California you have to love it. To live in New York City you have to be out of your mind. What does it all add up to? It adds up to rising unemployment. As for the great productivity that Greenspan keeps talking about, what it really means is that you fire workers and let the remaining workers make up the difference. The Chinese squeeze on US pricing power means that the way to hanging on to profits = fewer workers doing more. Greenspan calls it rising productivity. I call it rising unemployment. me: if it werent for all those 500,000 mythical jobs created on American farms this summer and autumn, the unemployment rate would have challenged 6.0%, just in time for the elections give me one of those jobs how about that one, yeah yeah, that's the ticket the job where I sleep in the hayloft with a piece of hay in my teeth / jim

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