To: orkrious who wrote (20628 ) 7/29/2001 9:59:11 AM From: Art Bechhoefer Respond to Jay, I take a long term view. As Keynes said, in a 100 years, we'll all be dead. I do not subscribe to the idea that nothing can be done about an economic slump and its effects on everyone, much less investors. It's worth reading the article by Harvard economist Jeffery Sachs, which appeared in The Economist about two weeks ago. Sachs recommended a Marshall Plan for less developed countries, which would in his view have the same effect as the original plan that pulled western Europe out of the devastation of World War II. A new plan, which Sachs suggested should be called the Powell Plan, after the current Secretary of State, would rapidly get the semiconductor industry up to a reasonable capacity, improve the productivity (and buying power) of developing countries, and save the developed nations from the waste of underutilized, misdirected resources. Rather than a tax cut for ourselves, we should be providing the wherewithall for less developed countries to improve enough to do business with us on mutually profitable basis.
