Re: Re: What was the 80's recession like?

Posted by Mike M (WA) on November 21, 2001 at 08:28:03 from (63.11.248.141):

In Reply to: Re: What was the 80's recession like? posted by TomH on November 20, 2001 at 15:43:28:

Another two bits worth: Much of the recent economic boom was based on the mistaken assumption that the internet had endless possibilities. Groceries, land sales, anything. Much of the boom was in the form of outrageously inflated stock prices of the "dot coms", and when people finally realized that the internet was not really appropriate for many things (and that there were so many crooks and scoundrels trying to scam anyone who tried internet commerce), the internet companies collapsed and dragged down the economy with them. The other major problem that will continue to plague us is cheap labor abroad, and the willingness of American companies and others to move their operations overseas. Like it or not, if there is free world commerce, wage and price levels will tend to move toward a worldwide average- and if you're used to being above the average, the results are not going to be pretty.

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