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To: long-gone who wrote (87812)	7/15/2002 12:56:19 AM
From: Richnorth	Respond to of 116908

FWIW, Long Term Cycles are Trending Downward (see mmacycles.com.

To: long-gone who wrote (87812)	7/15/2002 1:27:36 AM
From: Richnorth	Respond to of 116908

Bush to stress 'soundness' of US economy President plans to reassure investors by highlighting strengths in the economy, such as low inflation and interest rates WASHINGTON - President George W. Bush plans to emphasise strengths in the economy, such as low inflation and interest rates, this week after stock indexes in the United States slid to their lowest levels since 1997. He will stress that 'the economy is fundamentally sound' during a round-table discussion today about the economy at the University of Alabama, White House spokesman Gordon Johndroe said. It is part of an effort to reassure investors and financial markets, which continued to tumble after Mr Bush travelled to Wall Street and promised to crack down on accounting lapses at US companies. 'Perhaps the greatest need for our economy at this moment is restoring confidence,' he said in his weekly radio address. 'Nearly every week brings news of greater productivity or strong consumer spending, but also a discovery of fraud and scandal.' Disclosures of accounting lapses by companies such as WorldCom and Enron, as well as fraud investigations of chief executives, have hammered US stocks, sending the S&P 500 Index 20 per cent lower this year. Mr Bush's promise to improve corporate behaviour - a response to criticism that his administration is too cosy with business to be trusted with tough regulation - has won little support from his congressional opponents. 'It's not enough just to talk about accountability and responsibility in the corporate world,' Representative David Phelps, an Illinois Democrat, said in his party's radio response to Mr Bush's address. Fifty-one per cent of Americans approve of the way he is responding to accounting lapses at US companies, and 32 per cent disapprove, according to a Newsweek poll conducted last Friday and Saturday. Twenty-one per cent of Americans think the economy is in good shape, the poll showed. Investors had 'very high expectations' of Mr Bush's Wall Street speech last week but 'didn't hear enough meat on the bones, or a real panacea', said Mr Greg Valliere, chief Washington strategist at Schwab Capital Markets. 'Bush still has to assure the public that the economy is in good shape,' he added. The White House wants to expand its message about the economy beyond the Wall Street audience targeted last week, said deputy communications director Jim Wilkinson. Treasury Secretary Paul O'Neill and Commerce Secretary Don Evans have been holding 'town hall' meetings around the country to talk about economic concerns. 'Small investors are closely watching what we do,' Mr Wilkinson said. -- Bloomberg News