RE: [A-List] "The Late '90s Never Happened"

[joanna bujes <joanna.bujes@xxxxxxxxxxxx>]

At 05:17 PM 10/25/2002 -0400, you wrote:
> An unemployment rate of 3.9 percent happened, with or without
> hindsight.  Corporate earnings misstatements do not erase that
> fact.
>
> It makes sense that at some prior period, the process leading
> up to a state of overproduction or excess capacity would have
> generated tight labor markets and rising wages.
>
> I think we could say you need a period of good times in order
> for an economy to get into trouble.

I don't know what your point is. An unemployment rate of 3.9% sounds really
good until you stop and consider that a vast majority of working people,
during this period, saw their earning power and living standards
drop....all while productivity demands were intensified.

Many of these people will shortly be left without work (myself possibly
included) and may not be able to find work for years.

As for the "good times" -- they were reserved for a small percentage. The
rest of us are seeing our jobs, pensions and savings wiped out.

Joanna