Friday, November 05, 2004
VOODOO DOODOO
Remember Reaganomics, or as the current presidents father called it, voodoo economics? Remember how as the deficit rose, and we were forced to borrow more money from overseas, the value of the dollar crashed compared to the other major currencies? The economy stagnated, inflation was high, paychecks lost almost 20% of their value. Well, don't look now folks, but.....
The dollar is close to setting record lows against the Canadian dollar and the euro. The ever important Index of Leading Economic Indicators is down for the fifth month in a row Consumer confidence is down, third month in a row. Manufacturing output down two months in a row, Toy manufacturers are warning that Christmas orders are down, that profits will be down from last year. Dept. stores are ordering much less stock than last year, warning of reduced profits. Reminds me of another term from the Reagan years....STAGFLATION!
check out excellent article on the dollars fall: http://www.talkingpointsmemo.com/archives/week_2004_10_31.php#003942
The dollar is close to setting record lows against the Canadian dollar and the euro. The ever important Index of Leading Economic Indicators is down for the fifth month in a row Consumer confidence is down, third month in a row. Manufacturing output down two months in a row, Toy manufacturers are warning that Christmas orders are down, that profits will be down from last year. Dept. stores are ordering much less stock than last year, warning of reduced profits. Reminds me of another term from the Reagan years....STAGFLATION!
check out excellent article on the dollars fall: http://www.talkingpointsmemo.com/archives/week_2004_10_31.php#003942
