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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Joan Osland Graffius who wrote (65208)	7/25/1999 1:04:00 PM
From: Knighty Tin	Respond to of 132070

Joan, Yes, I have had some thoughts on the service bit. We are where England was at aT the onset of the Depression. They had shifteD from the greatest industrial power to a backwater relative to the US and Germany. However, they were the world's bankers and insurers. Folks just stopped using those services and England's depression was as bad as the mfg. countries. I think service industries are more vulnerable to a market turndown than mfg. After all, if you need a truck to deliver farm goods, you are going to only cut that purchase if you have zero choice. But your health insurance and flood insurance and IRA and 401K and eating out and paying $240 to take the family to a Knicks game are all, in one degree or another, discretionary. Entertainment, which is a huge American industry, is totally discretionary. So, I would say the base of our economy is shakier than a mfg. economy, though the pain would be felt by both.