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To: GST who wrote (142090)	5/3/2002 1:41:49 PM
From: craig crawford	Read Replies (4) \| Respond to of 164684

>> Do YOU understand the role our savings rate plays? << i never denied that the savings rate doesn't play a role as well. mr volcker expressed that in the testimony i pasted. the whole point is, why do americans not save? because americans are addicted to a flood of cheap imports. because free trade lowers the standard of living of working americans. because of free trade, we have become a consumptive society, not a productive society, addicted to cheap foreign consumer goods. this isn't a new concept, theodore roosevelt warned us about this "fatty degeneration of the moral fibre" more than a hundred years ago. too bad nobody paid attention. "Thank God I'm not a free trader. In this country pernicious indulgence in the doctrine of free-trade seems inevitably to produce fatty degeneration of the moral fibre.” --Theodore Roosevelt, 1895