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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!
LRCX 160.52-4.9%Dec 12 9:30 AM EST
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To: John Cuthbertson who wrote (2853)10/21/1997 2:21:00 PM
From: Cary Salsberg  Read Replies (5) of 10921
 
John,

RE: "My point was that among the public at large there is the impression that freer foreign trade has lowered the standard of living for US workers in general (not restricted to manufacturing, either).
I think you might agree that this is not true, that in fact increased and freer international trade has in fact helped raise the US standard of living in general."

The economy is in one of the longer upswings of this century and the market is booming, but most reports of real income show it unchanged for twenty years! I attribute this fact to the globalization of the economy and the pressure put on domestic wage rates by foreign labor competition. Free trade facilitates the use of foreign labor, so I do not believe it has "helped raise the US standard of living in general." At some future date, when US wage rates fall to the level of foreign wage rates, free trade will then raise the US standard of living. Unfortunately, I believe the real cost of free trade is that the US democratic system falls far short of its potential because the government is wrested from the "people" by the monied interests.

Cary
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