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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (43872)1/18/1999 7:32:00 PM
From: Tommaso  Read Replies (1) of 132070
 
I think some things we do have to keep repeating like mantras--that, for example, the ratio of market capitalization to GNP is twice what it was at the height in 1929.

I guess this has to do with the USA being the one remaining superpower--at least in appearance. Until it finally caved in and had to reform, New York City--as the financial capital--was able to continue all sorts of bad management practices because all the money flowed through Manhattan.

But it did almost go bankrupt at one point.
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