Time: Sun Aug 10 10:18:05 1997
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	Sun, 10 Aug 1997 08:56:48 -0700 (MST)
Date: Sun, 10 Aug 1997 08:55:42 -0700
To: (Recipient list suppressed)
From: Paul Andrew Mitchell [address in tool bar]
Subject: SLS: buzz words: "Happy days are here again." 8-)

For those who don't know the song,
this is the opening line to a 
sing-song which was popularized
on the TV program "Sing Along with Mitch"
(Mitch Miller, that is:)

/s/ Paul Mitchell

>I guess globalization has become the new buzzword these days.  The
>coincidence between when the word first began appearing and shortly after
>the passage of many free trade agreements is uncanny.  Nobody seems willing
>to blame it on free trade, though.  I guess that's taboo in the media.
>What it does mean is that North America is slowly becoming another
>third-world region.
>Taken from the Ottawa Citizen, August 9, 1997
>Apparently prosperity has come.  It's in all the newspapers and we're all
>grateful.  There is nothing like picking up the newspaper in the morning and
>finding out that prosperity has come.
>All those years of reading about inflation and recession and stagnation and
>all the bad things happening to the leading economic indicators -  it was
>damaging to the soul to read all that stuff.
>Now prosperity has come.  How great to be able to read it.  For many people
>it must take the sting out of not having a job.
>Prosperity and unemployment together:  The people running the economy must
>have so many mixed emotions about that.  When the takeover of National
>Trustco by the Bank of Nova Scotia was approved, by Jim Peterson, Secretary
>of State for International Financial Institutions, a takeover that will
>result in the loss of 500 to 700 head office and support jobs over the next
>three years, in addition to the 500 to 1,000 staff reductions already
>planned by National Trustco.
>"We were looking at international competitivenes.  We were looking at
>benefits to consumers; we were looking at employment; we were looking at the
>adoption of new technologies."
>He would be so happy about competitiveness and benefits to consumers from
>the takeover that it might be easy not to worry too much about the area of
>employment, which was third on his list.  Too bad about employment, in other
>words, but it could have been worse.
>This, in fact, has been the general attitude of the corporate sector and its
>friends in government ever since the era of rationalization, downsizing,
>contracting out and globalization began.  Too bad about jobs, but everything
>else seems to be working fine.  Maybe someday they'll come around.  In the
>meantime, we have work to do rationalizing and globalizing.
>Given that attitude, it is not much of a shock to see financial stories such
>as the following:
>"Reports of growing unemployment in the United States prompted gleeful
>traders to push the Toronto and New York stock markets into record territory
>That was a real business page story, written last month by a Canadian wire
>service.  The glee of the traders had to do with the fact that higher
>unemployment meant slower income growth, which meant less consumer spending
>and therefore less economic growth and less inflation.  There is a peculiar
>logic to it, and the fact that it is logic is probably what prevents
>Canadians from rising up and doing something, if they only knew what it was
>they should do.
>At least prosperity is here.  The unemployment rate last month was 9.1%.
>Yesterday it was 9.0%.  Think how bad it would have been in prosperity were
>not here.
>Although actually, the unemployment numbers were not much worse in the years
>when prosperity was eluding us.  The number of unemployed in 1993, 1.5
>million, was the same as today, when prosperity has arrived.
>Which leads to the question, who is enjoying all this prosperity?  Well, the
>banks.  Their profits are high and may rise further, given all the merging
>and taking over they are being allowed to do.  And maybe the people in the
>housing industries will prosper, now that houses are starting to move again.
>How can these folks do so well while 1.5 million Canadians are out of work
>and the number of part-time workers is 25% higher, at 2.5 million, than it
>was 10 years ago.
>One answer is that you can have, in our advanced technological age,
>prosperity and poverty at the same time.  It used to be that one was a drag
>on the other, that large-scale unemployment would have to be reduced before
>an economy could boom.  Maybe not so now, as witness the glee of the traders.
>Some of the experts will tell you its not so bad.  The high unemployment
>rate, they say, only indicates that people who had given up trying to find a
>job are now back looking, driving up the rate.  Discouraged workers, they
>are called, in the jargon of the new prosperity.  The ungrateful wretches
>[they're probably all socialists, as well -- TC].  If only they had remained
>content to be unemployed, the unemployment rate would drop.
>Of course, that would be bad for the stock market.

Paul Andrew Mitchell                 : Counselor at Law, federal witness
B.A., Political Science, UCLA;  M.S., Public Administration, U.C. Irvine

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