Seems like "a" ,not "the", triumph of
capitalism.
Charles Brown
>>> "Ellen T. Frank" <[EMAIL PROTECTED]> 01/07 12:16 PM >>>
At 10:45 AM 1/7/99 -0500, you wrote:
>BLS DAILY REPORT, WEDNESDAY, JANUARY 6, 1999
>The prevailing view at the three-day meeting of the American Economic
>Association was that high stock prices probably reflect the economy's actual
>strength and not a speculative bubble that could burst. ... In the minds of
>many economists, the stock market serves mainly as a gauge of the real
>economy and a stimulus for spending.
Over the last few days, I have been looking over data on wages, exports,
bankruptcies, etc. in the former so-called emerging markets. International
capital, it seems, is really putting the screws to the laboring classes in
Asia and South America. Asian assets are on sale at rock-bottom prices;
commodity prices are so low, they're practically giving them away. Is this
not the triumph of capitalism? Little wonder the Dow hit 9500.
Ellen Frank
