>Well, "great labor victories" are difficult to define and the subject of
>eternal debate, HOWEVER, as to the contract, I picked up the points sheet when
>I went in at midnight last night and it doesn't look bad. And frankly, we got
>alot more for a 2 1/2 day strike this time than we got for 17 weeks in 1989.
Hmm, I suspect this is why the reassurance machinery isn't in high gear. Greenspan wants the market lower, hoping it'll cool the real economy. If it doesn't work, he's going to have to tighten. There have been too many perceived labor victories lately. As the man said on July 21:
>In the current circumstances, we need to be aware that monetary policy
>tightening actions in the United States could have outsized effects on
>very sensitive financial markets in Asia, a development that could have
>substantial adverse repercussions on U.S. financial markets and, over
>time, on our own economy. But while we must take account of such foreign
>interactions, we must be careful that our responses ultimately are
>consistent with a monetary policy aimed at optimal performance of the
>U.S. economy. Our objectives relate to domestic economic performance,
>and price stability and maximum sustainable economic growth here at home
>would best serve the long-run interests of troubled financial markets
>and economies abroad.
Doug