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

To: BGR who wrote (77315)	3/8/2000 9:56:00 PM
From: Skeeter Bug	Read Replies (1) \| Respond to of 132070

>>Guess why Clinton has such sky-high job approval ratings?<< bgr, you've now irritated my lurker friend ;-) clinton is popular b/c americans are maroons. hey, i didn't say it, but i can't disagree w/ it either -ng- btw, can i borrow your personality for about a week? i have some rough wood that needs sanding ;-)

To: BGR who wrote (77315)	3/9/2000 10:02:00 AM
From: Mike M2	Read Replies (1) \| Respond to of 132070

BGR, sidestep what question ? I have a problem with the present imbalances the unprecedented expansion of credit combined with the wealth effect of the stock market is fueling excess consumption which means savings are diminished. Savings and investment are critical to long term prosperity. Rising stock prices does not mean that the productive capacity of the nation has increased proportionally. This bubble has become a wealth transfer from the retirement savings of working Americans to Wall St and corporate insiders. there is no doubt that the economic stats are distorted to create a new era mirage when in fact we are in the mist of a bubble of historic proportions. It is not enough to raise rates if credit growth is not restrained. Even with the Fed's baby steps rate hike credit creation has been highly inflationary ( In austrian terms) I have noted before that in 1929 ( the year of tough love -g-) credit growth peaked at $2.20 for every dollar of GDP growth we are currently running at $4.50 of credit for every dollar of GDP growth. This means an enormous amount of credit is being used for speculative purposes rather than productive purposes. like every bubble in the past in will end in a most severe dose of TOUGH LOVE & ECONOMIC VIOLENCE! HO HO HO Mike