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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: aknahow who wrote (216200)	1/9/2002 3:56:12 PM
From: goldworldnet	Respond to of 769667

In the '70s and '80s, the U.S. was concerned – as Japan is today – that its currency was too high in relation to others. An expensive currency gives a nation a competitive disadvantage, makings its products difficult to export. But by the time of the Clinton Administration, this worry disappeared. Japan, Taiwan, China and other far eastern nations had already taken away much of America's manufacturing base. So, the country turned to software, services and high tech industries where cheap labor posed less of a threat. These new industries were so promising that the rest of the world wanted to own a piece of them. A new and very curious financial model developed in the U.S. – helped by Robert Rubin's strong dollar policy. Instead of producing and exporting things the world wanted to buy, America's consumers went on a buying spree, and made up the difference by selling off capital assets and exporting dollars! The strong dollar made U.S. investments more attractive to foreigners. And it made it easier for U.S. consumers to continue to buy more than they could afford. Every day, the difference between what consumers bought from foreigners and what they sold to them equaled about a billion dollars – financed by foreign investors. No country could have gotten away with this except the U.S. Because it is America that produces the key variable – the currency in which all these transactions take place. America bought foreign-made goods and paid for them with dollars. Then, it borrowed back the dollars – trillions of them. Aided and abetted by foreign investors, the dollar was kept high throughout the '90s and early 2000s. dailyreckoning.com * * *

To: aknahow who wrote (216200)	1/9/2002 6:32:31 PM
From: Patricia Trinchero	Read Replies (1) \| Respond to of 769667

I do agree with much of what your said. My statement was in response to a partisan who was trying to blame Bush's woes on CLinton. IT is getting a bit old to continue to see the Republicans try to blame everything on him even after he has been out of office for a year. ( it wouldn't surprise me if someone responds to call me a liar because it is 2 weeks short of a year.LOL) I am beginning to think that they are scared of Hillary running in 2004 and they are being pre-emptive in their campaigning. For a party that has constantly screamed about taking responsibility for one's actions, it is time they practiced what they preached. Only one person can not turn around a recession like the one we are in currently, but I think that a different philosophy could have altered the course of the decline. During the CLinton terms we had many setbacks and market slumps. However, the economy was turned around and into one of the longest running prosperous times in the recorded history of America. We had a huge increase in job creation even though the wealthy weren't given a tax break. We had targeted tax breaks that gave corporations incentive to hire. It worked!!!!! With more people working and making money there were more people with money to spend on goods and services. Pat