Re: Re: Re: RE: Re: Re: Speaking of volatility

[Doug Henwood <dhenwood@xxxxxxxxx>]

Michael Perelman wrote:

> Nobody is salivating over the prospect of the working class suffer, but it
> did not do that well during the Clinton "boom."  But I do relish the
> downfall of many highly leveraged businesses.
>
> I recall your glee at the demise of some of the dot.coms -- a
> pleasure,which I shared with you.

I'd like to see some Wall Street oinkers and their apologists take a
hit, and have to do something useful, like cleaning bedpans. But I
don't relish the fact that 410,000 U.S. workers are filing first
claims for unemployment insurance every week, and that slacker labor
markets will be bad news for wages. The working class didn't do that
well during the Clinton years, but it did better than it did during
the Carter, Reagan, and Bush years. And the U.S. slowdown hasn't been
great news for Latin America; Argentina, which already had plenty of
problems, is going through the wringer now in part because of what's
going on here. It's not so great for Southeast Asia either.

Doug