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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: KyrosL who wrote (106143)6/2/2001 8:01:24 PM
From: Shack  Read Replies (1) of 436258
 
Do you really think the US will be running surpluses without the surging revenues of the past 5 years? Good work was done but under very favourable conditions.

Not to mention that the books of New York and California are back in deficit.

The private sector credit risks are all that Noland talks about because the public debt/surplus does nothing to alleviate the private sector's systematic risk. The banks, GSE's, credit card companies, are all very vulnerable to the downturn which is still in its infancy.

Debt must be deflated and I agree with you that if AG can pull it off without a depression, he is indeed a hero.
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