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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (130331)	10/19/2001 6:34:09 PM
From: Haim R. Branisteanu	Respond to of 436258

New York City Jobless Rate Jumps to 6.3% nytimes.com

To: Haim R. Branisteanu who wrote (130331)	10/19/2001 6:39:10 PM
From: Oblomov	Respond to of 436258

>>and more strange is the fact that the clown buck stays strong the strongest weakling

To: Haim R. Branisteanu who wrote (130331)	10/19/2001 10:06:16 PM
From: Tommaso	Read Replies (1) \| Respond to of 436258

Oh I have been following this week by week. There may be deflation in some sense, in that many badly-planned enterprises may fail and many people will be out of work, but for essential needs the supply of money has been so hugely bloated that price inflation is now (in my view) unavoidable. But even if we move back up, in dollar terms, to as much as 10% inflation, we can adjust to it and have in the past. What is much harder to adjust to is the demoralization of really massive unemployment--the hopelessness of all those whose relf-respect involves regular employment and a regular paycheck. So 10% unemployment and 10% inflation is 100% better than 20% unemployment and o% inflation. And 200% better than what happened in 1930s in the US, which was 25% unemployment and 10% per annum price deflation. If only the fed had not used up so much of its resources "fighting" LCTM in 1998 and the phantom Y2K in 1999, we would be a lot better off--and would not have had the insane mania of 1999-2000. I would not re-write history so cheerfully if I had not been saying clearly and emphatically the same things all through the 1998-2000 period.