Message: 2 Date: Sun, 03 Dec 2000 23:34:52 +1000 From: Rob Schaap <[EMAIL PROTECTED]> To: [EMAIL PROTECTED] CC: [EMAIL PROTECTED] Subject: [CrashList] Re: [PEN-L:5406] the downturn Reply-To: [EMAIL PROTECTED] Quoth Michael P.: >Each day, I am seeing more signs of a downturn. I am fairly convinced >that it is real. Jim D. keeps referring to a Godley-like scenario, which >seems to make sense. My question is whether it can unravel into a >full-blown disaster. I am not confident one way or another. I would >appreciate any feedback that you might have. Well, even at its healthiest, capitalism has its casualties and growing pains, but then, there are a lot of those around just at present. The bulls would have their work cut out arguing the insignificance of the stuff Pen-L, Crash-L and the finance press have been telling me of late. To wit (and these are but a sample): - investment banks exposed to seriously rotten junk bonds; - record defaults in the US, and tighter lending policy ensuing; - US spending outpacing US personal income (prior to the latest crop of margin calls,. at least); (clip) Sayeth Seth, To Rob's dour list, add this: - the Clinton-Gore adminstration's reforming (ending) of guaranteed federal cash payments to poor people. More welfare reform from the suites, more people living on the streets. Seth Sandronsky Sacramento [EMAIL PROTECTED] _____________________________________________________________________________________ Get more from the Web. FREE MSN Explorer download : http://explorer.msn.com _______________________________________________ Crashlist resources: http://website.lineone.net/~resource_base To change your options or unsubscribe go to: http://lists.wwpublish.com/mailman/listinfo/crashlist
