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I thought that catching Saddam would solve all our problems! :)
I was actually hoping the dollar would rise today so that I could buy some euro traveler's checks.
the hard news about our economy is scary, though, that's for sure.
here's an exerpt from Talk of the Town from the dec. 15th New Yorker, after the writer mentioned the lying headline in the NYTimes about manufacturing at its highest level in two decades...
"It misinterpreted an economic indicator that is designed to gauge whether factories are churning out more or less stuff than they did last month, not absolute levels of production. The most reliable measure...the Federal Reserve's index of industrial production...in Oct. was 112.7, compared with a high of 118.4 in June of 2000."
"...We are living through the early stages of an old-fashioned 'political business cycle,' in which the post-election stage is likely to be much less fun. Once the votes are counted, whoever is residing in the White House will have to deal with record-breaking budget deficits and trade deficits, both of which are symptomatic of a nation living well beyond its means. In only three years, the federal govt has gone from a surplus of two hundred and thirty-six billion dollars to a deficit of three hundred and seventy-four billion dollars...The economic slowdown that began in 2001 was partly responsible for this fiscal calamity, but the chief culprit was Repulican profligacy. Tax cuts and higher spending have set the country's finances on an unsustainable course. "
"The trade deficit, which has received less public attention, also represents a major threat to the economy. It now exceeds five per cent of G.D.P. Other countries that have run up trade deficits of this magnitude have eventually lost their creditor's confidence, and faced a currency crisis, higher interest rates, and a sharp recession. Of course, the President won't mention that the United States could follow the path of Brazil, Argentina, and Indonesia in his next stump speech. After all, the Dow is once again on the verge of ten thousand, Wall Street traders are getting ready to pocket their heftiest bonuses in years, and Google is planning the biggest Internet I.P.O. yet. Close your eyes and think of 1999."
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