Friday, February 20, 2004

ST. LOUIS (Reuters) - St. Louis Federal Reserve President William Poole said Friday the movement of jobs from the United States to low-wage countries was painful but ultimately good for the economy.

"You have to regard this process in the sweep of U.S. history as desirable because we are all better off. No question, these adjustments are difficult and painfully difficult... But it is not a process we should want to block or stop," said Poole, who is a voting member of the Fed's policy making committee, during audience questions after a meeting of the AAIM Management Association.

I find it telling that nobody is willing to explain what all the unemployed Americans are supposed to be doing while Indians write computer programs, Chinese manufacture toys and Koreans build cars. How come people only ask you to have faith in things that they can't possibly explain?

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