One of the more interesting questions asked yesterday morning of Congressman David Bonior was one by Warren Davis district director of the UAW in OHIO and western Pennsylvania. Warren suggested to the Congressmen that there should be a global minimum wage and global health and safety standards. Bonior picked up on this and said he was all for it and then some, including abolishing global child labor. I know that Warren means what he said, and, I'm sure that Congressman Bonior got it in him.
This gets us back to the old saw of global over-capacity and feeble world wide demand. Nothing that happened on Wall Street yesterday changed the basic economic situation.
Sincerely, Tom