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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: The Street who wrote (3256)	9/5/1998 1:28:00 PM
From: TokyoMex	Respond to of 119973

Had better be kosher ,,not like CMP .. USAD,, IPEC,, IMNR ,, Next time I will know better ,, Damm missed the short on that one,,,

To: The Street who wrote (3256)	9/5/1998 1:29:00 PM
From: TokyoMex	Read Replies (1) \| Respond to of 119973

More Bill's BS ? Saturday September 5, 10:06 am Eastern Time Clinton says U.S. economy strong despite turmoil By Randall Mikkelsen WASHINGTON, Sept 5 (Reuters) - U.S. President Bill Clinton sought to calm American economic jitters on Saturday, saying the U.S. economy remained on the right track despite global financial turmoil that has pummeled U.S. stocks. ''For all the quicksilver volatility in the world's financial markets, the American economy is on the right track,'' Clinton said in his weekly radio address. ''Markets rise and fall. But our economy is the strongest it's been in a generation, and its fundamentals are sound,'' he said. Clinton said, however, that the United States was affected by overseas financial events and that it was crucial for Congress to help promote stability by passing funding for the International Monetary Fund. ''The International Monetary Fund is a critical device to get countries to reform and do the right things, and return to growth. Without it, they won't be able to buy American exports and we won't be able to do as well as we otherwise could do,'' he said. Clinton recorded his address on Friday while in Ireland. His comments came as the chairman of the U.S. central bank warned that global financial turmoil and Wall Street's volatility may hurt the U.S. economy and suggested he was as inclined to cut interest rates as to raise them. ''It is just not credible that the United States can remain an oasis of prosperity unaffected by a world that is experiencing greatly increased stress,'' Federal Reserve Board Chairman Alan Greenspan said in a speech on Friday at the University of California in Berkeley. In his first comment on recent tumbling stock prices, the world's most powerful central banker said the Fed now saw a balance of risks facing the U.S. economy between deflationary pressures from international crises and domestic inflation. The president cited a report from White House economic adviser Janet Yellen that noted few signs of serious economic trouble, although the financial crisis in Asia had slowed exports of U.S. farm products and other goods. ''The economy is healthy and remains largely free of the symptoms that often presage an economic downturn,'' Yellen said. ''The fundamentals are in place for continued solid economic growth, though developments in world markets continue to bear close monitoring.'' ''A further deterioration in the international economic situation remains the single largest risk to a forecast of continued solid growth,'' she said. Yellen's report said the rate of economic growth was moderating toward ''the solid pace'' forecast in the administration's mid-year economic review and the Blue Chip private survey of economists. In addition, she said, ''Even with the recent slide in the stock market, household net worth remains high relative to disposable income and businesses do not appear to be taking on excessive debt.'' The Dow Jones Industrial Average closed on Friday at 7,640, 18.4 percent below the all-time high of 9,368 set July 17. The benchmark index fell 411 points for the week after losing 482 points the previous week. The administration's economic review forecast a real economic growth rate of 2.9 percent year over year in 1998 and 2.0 percent in 1999, slowing from 3.8 percent in 1997. The Blue Chip survey for September forecast a 3.4 percent growth rate in 1998 and 2.2 percent for 1999, with the latter figure down 0.1 percentage point from the August outlook, Blue Chip executive editor Randell Moore said. Yellen's report said the growth of consumer purchases was likely to slow unless the stock market resumed its surge. But she said continued income growth, boosted by higher employment levels and wages, would continue to propel gains in consumption. She said the growth in wages had come with little inflationary pressure. Clinton also cited a strong August employment report released on Friday, which showed 365,000 new jobs were added in the month while unemployment remained at 4.5 percent. In addition to his call for IMF funding, Clinton urged Congress to maintain fiscal discipline and reserve any budget surpluses pending reform of the Social Security retirement system, and said he would work to win passage of education measures that would assure long-term prosperity. -------------------------------------------------------------------------------- Related News Categories: currency, international, options, US Market News