[PEN-L:2028] Re: Re: profits

[Dennis R Redmond <dredmond@xxxxxxxxxxxxxxxxxx>]

On Fri, 8 Jan 1999, Nathan Newman wrote:

> But isn't looking at profits as a share of US GDP besides the point?  The
> real measure should be percentage of the global capitalist economy's GDP.
> That US corporate profits are holding even during a global depression
> seems to be a rather strong indicator of expanding profit margins.

Except that we're not in a global depression, at least not yet. Sure, Asia
is in the tank, but Japan is undergoing a steep recession, not an
Indonesian-style collapse, and the US and the EU are still growing, albeit
sluggishly. Of course, if Japan and the EU turned off the credit spigot to
our economy, the possibilities for mayhem are legion, but I can't see them
doing that just yet. They own too much stuff over here to want to do that,
right?

-- Dennis