Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who wrote (15744)	2/27/2002 1:00:46 PM
From: elmatador	Read Replies (1) of 74559

I tried to find someone who REALLY understands what is going on: read his whole testimony just to discover that he thinks 911 is to blame for the dire straits of the economy: AG blames 911 to Congress: Despite the disruptions engendered by the terrorist attacks of September 11, the typical dynamics of the business cycle have re-emerged and are prompting a firming in economic activity. Indeed, immediately prior to September 11, some sectors exhibited tentative signs of stabilization, contributing to a hope that the worst of the previous cumulative weakness in world economic activity was nearing an end. Adding to the intense forces weighing on asset prices and economic activity before September 11 were new sources of uncertainty that began to press down on global demand for goods and services. If ever a situation existed in which the fabric of business and consumer confidence, both here and abroad, was vulnerable to being torn, the shock of September 11 was surely it. The pace of layoffs quickened last fall, especially after September 11, and the unemployment rate rose sharply.

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