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To: Les H who wrote (91335)	10/4/2007 2:54:58 PM
From: Smiling Bob	Respond to of 306849

Onward and upward With dingbats like this running the show, no wonder things are such a mess. Are we exporting burger flippers and bedpan changers to India now? --- Fed's Fisher says high oil prices might signal strength Thu Oct 4, 2007 1:04pm EDT CHARLOTTE, North Carolina (Reuters) - Federal Reserve Bank of Dallas President Richard Fisher said on Thursday that rising oil prices might reflect broader global economic strength and, if this were true, could support low inflation and growth. "If China or India or some other country is expanding rapidly and it is the country's oil consumption that is increasing, driving up prices, that surge in productivity can yield spillovers for the U.S.," Fisher told the Charlotte Economics Club in prepared remarks. A copy of his speech was made available to the media prior to delivery in Charlotte, a major city and financial center in North Carolina. "As long as this continues, we can expect to see an expansion of output and lower overall prices, even as the world price of oil rises. A vicious cycle is, in a sense, almost transformed into a virtuous cycle," he said. Fisher is not a voting member of the Fed's interest-rate setting committee this year. Oil prices hit a fresh record above $80 a barrel last month, but Fisher noted the U.S. had weathered rising oil prices in the past and the recent episode was not denting the global economy. "Economic growth in other countries has not been derailed, which has kept demand for our exports at healthy levels. A weakening dollar has not hurt other countries' demand for our products, or their appetite for oil, which is priced in dollars," he said in the speech. © Reuters 2006. All rights reserved. Republication or redistribution v