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To: Lucretius who wrote (38542)	1/29/2000 3:36:00 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 99985

NEW ECONOMY, OLD LAWS U.S. Treasury Secretary Lawrence Summers, arriving in Davos with President Clinton, said the U.S. economy was in good shape but warned investors not to get carried away. ''In many ways we have a new economy in the United States,'' he said. ''But it is a very serious mistake to overinterpret that relationship. The laws of economics have not been repealed, much less those of human psychology.'' Summers also said that the nation's low savings rate continued to be a dark spot in an otherwise bright picture. ''For the new economy to succeed, it must be built on old virtues,'' he said. ''Our national savings rate is still far too low, driven by a personal savings rate that is not where it should be.'' Summers added that the high and rising U.S. trade deficit was ''a real concern'' and could eventually pose a threat to economic growth. He reiterated long-standing demands for Europe and Japan to boost their own economies, thus helping to increase demand for U.S. exports. nytimes.com