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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: geewiz who wrote (34762)	10/29/1998 10:10:00 AM
From: Mike M2	Read Replies (1) \| Respond to of 132070

Art, my cage is electrified so no one dares to rattle it -g- The health of the U.S. economy is tied to Wall St like never before. The inflation of financial assets to unprecedented valuations and easy credit have encouraged the US consumer to go on an unsustainable consumption binge to the point that our savings rate is the lowest since the Great Depression. The world is drowning in excess capacity in virtually every industry and looks to the US to be the buyer of distress goods ( notice the record trade deficits) at some point the dollar will weaken destroying the myth that the US can remain an island of prosperity. In the 30's protectionism was exercised with tariffs in the 90's it is currency devaluations. printing money does not make a debtor more sound. There is excess debt on a global scale which must be paid down or liquidated. History may not repeat but it does rhyme. ho ho ho Mike