Bill Sykes' Newsletter from America.
(January 2002)
An ex-Brit gives his views-(without fear
or favor)---of the American Scene
The home front financial situation.
The American economy is not as strong as the “cheer-leading”
financial gurus have lead us to believe.
They have been preaching for months that
the United States economy is still strong and will recover
very quickly, whilst at the same time unemployment has been
rising rapidly since the demise of the Dot Com companies
and the tragic events of the World Trade Center disaster.
The Dot Com bubble-burst commenced around the end of 1999.
When IPO's, (Initial Public Offerings), were coming to the
Market at say $30 a share, opening at $60 and by the end
of the day had been pushed up by frenzied buying to say
$120 what did anyone expect.
This was not financial investing-this was pure gambling.
Finally the OBM, (Office of Business Management), or whomsoever
assesses the country’s financial situation finally
had to admit that we had been in recession since March of
this year.
 I
would suggest that for the next few years, we as a nation
will have a yearly deficit balance of payments situation
returning us back to the embarrassing situation of once
more becoming the worlds largest debtor nation.
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