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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: pater tenebrarum who wrote (79708)	3/13/2001 9:02:46 PM
From: yard_man	Read Replies (2) of 436258

Jackson's in rare form this time round --- newaus.com.au >>It’s this situation that moved Vincent Boberski, an economist at Dain Rauscher Inc. in Chicago, to declare: “A full-blown recession in manufacturing has shut down the national jobs machine.” But hey. If this is so, then why hasn’t general unemployment risen? Because as I have pointed out a number of times before the aggregate employment figure conceals more than it tells. Even as unemployment rises in manufacturing as the recession begins to make itself felt, the demand for labour in the consumption industries can continue to rise. And this is happening; the demand for labour in building, retailing and other service industries has continued to grow, though it has softened somewhat. This growth has offset rising unemployment in manufacturing. A similar situation occurred in 1929. Although industry started to contract in June unemployment still stood at only 3.9 per cent at the end of the year. << . . . >>Not surprisingly, non-mortgage credit has been racing ahead. It has now reached the point where spending is exceeding income. This is what I call a real monetary shot in the arm — and it’s Dr Greenspan who wielded the needle. In the meantime the personal saving rate fell to –1 per cent in January. Any economist who thinks there is nothing wrong with this situation must be sucking LSD mints. <<

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