FOR IMMEDIATE RELEASE:
April 5, 1999
BUCHANAN: MARKET CHAOS
REVEALS ECONOMIC WEAKNESS
ST. LOUIS, MO -- Today Patrick J. Buchanan
released the following statement:
"One of the wildest days in Wall Street history --
with swings of 500 points on the Dow and NASDAQ
indexes -- underscores that our present economic
boom is not sustainable. For just as the prices of
many stocks have soared and tumbled in recent
months, the U. S. merchandise trade deficit continues
to explode -- hitting $420 billion a year in January.
"As more Americans than ever borrow to dump cash
into the stock market, America's factories are being
dismantled and shipped overseas, the once solid and
stable middle class wages they provided are gone,
their employees left to fend in the service sector.
"I am not a stock market prognosticator. But it is
clear that the recent chaos in the markets reveals the
weak foundation of today's economy and a shakiness
to a prosperity which has been less equitably shared
than the fruits of any economic boom in my lifetime.
"The United States is a wealthy country with a large
margin for error, but if it continues to strip itself of
manufacturing capacity, in worship of the false god
of free trade, it will find its economic situation as
shaky as the shares of the internet stocks that folks
have been borrowing to buy. The landing could be
hard ."
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