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Technology Stocks : WCOM
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To: el paradisio who wrote (6500)4/24/2000 10:03:00 AM
From: willcousa  Read Replies (1) of 11568
 
I have followed politics for so long and in such depth that I have become somewhat libertarian. Oh for term limits.

My experience says that no matter what one politician (in this case Clinton) expects from another (Greenspan) there are few guarantees. In politics the fox lives in the hen house. AG is close to the point where he can thumb his nose at not only Clinton buy everyone else so long as he doesn't seek another term.

The balance of payments (trade deficit) is a special interest of mine. After about 30 years of mounting trade deficits and periods of quite strong and quite weak dollars I have to conclude that the trade balance doesn't mean much in the larger scheme of things. (That is unless we want to be self-sufficient in shoes and t-shirts.) Why can this be I ask myself? First, it used to be called the "merchandise balance of trade" and it still is. Thus all the software, mgmt consulting, design engineering, advertising, architecture and investment banking we do for others is not counted. And we are now a service economy. Since AG can't control this area of the economy (nor can anyone else) it is a free economy and self-correcting. Finally, perhaps this economy is fundamentally so strong and relatively free that other issues pale in significance so that the dollar is almost always the best currency to own over the long term.
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