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-------------------------
Via Workers World News Service
Reprinted
from the July 18, 1996
issue of Workers World newspaper
-------------------------
Martin Bailey of the President's Council of Economic Advisers held what was supposed to be a routine press briefing at the White House July 5.
But when one reporter strayed from the established script, things spun quickly out of control.
Workers World asked the White House Press Office who asked these questions. But a spokesperson claimed there is no record of the reporter's name.
The exchange, from a transcript released by the Press Office, speaks for itself.
Q: Is there something wrong with an economy in which Wall Street goes down because somebody gets a job in this country?
Mr. Bailey: Well, I'll leave that--I think you should ask the people on--
Q: I mean, really, this is unbelievable. And the same with the Fed--somebody gets a job and they raise the interest rates. What is this?
Mr. Bailey: Well, I think you should ask the people on Wall Street about that. We certainly think that--
Q: I'm asking the Council of Economic Advisers. What's the story here? I mean, why is that?
Mr. Bailey: Well, let's remember the big picture, which is that the stock market has done extraordinarily well over the past few years. So I don't think we have any overall complaint about the performance of the stock market, nor should the people on Wall Street. So let's not get too worried about a gyration that's going to take place one day.
Q: I'm not worried about Wall Street, I'm worried about the concept that if people get work in this country, that everything seems to be falling apart in terms of interest rates and Wall Street.
Mr. Bailey: I agree with you, it's a good thing when people get work in this country.
Q: But you don't have an answer for it, that's clear.
[At that, Bailey made a swift exit.]
- END -
(Copyright Workers World Service: Permission to reprint granted if source is cited. For more information contact Workers World, 55 W. 17 St., NY, NY 10011; via e-mail: ww@wwpublish.com. For subscription info send message to: ww-info@wwpublish.com. Web: http://www.workers.org)