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To: James Strauss who wrote (55973)	10/21/1998 2:57:00 PM
From: Merritt	Read Replies (2) \| Respond to of 58727

James: <Imports of lower priced goods to the U.S. keeps domestic manufacturers on their toes...> More like puts them on their backs. The west coast steel companies were driven out of business by cheap Korean and Japanese product. Now steel costs more on the west coast, and the companies that are in operation have an Asian ownership bias. Saying the U.S. consumer benefits from cheap imports is a very short-sighted view, IMO. The consumer has to have a paycheck in order to consume...not everyone can, or should, be in a service industry. U.S. companies are efficient and competitive, when allowed to compete in an equal manner...the inefficiencies of the emerging market's economies, politics, and industry is what caused their currencies to collapse. Let them take care of their own problems and clean up their own acts, before we subsidize their economies...if they were to do that, they probably wouldn't need a bail-out. They were doing fine, as long as there were signs that they might get things going...lots of private capital was invested there...and would love to return, if they were assured of non-interference from local politics, and a reliable infra-structure. But when it became apparent that corruption and nepotism were the rule, capital fled. Now our gov't would like to saddle the U.S. taxpayer with the problems that these countries created. It doesn't make sense, and I don't think our economy can handle all of it's ramifications. I also don't think it'll work...and I doubt if all of the countries will subscribe to it, anyway. I think they'll seek their own, rather than the IMF's, solutions. Japan has already given it's imprimatur to currency controls, and may implement some of their own. That's not to say Indonesia won't try and skim off whatever dollars they can from the IMF...they've got to get a decent return on the monies funneled to clinton and the democrats.<G>