While over at san antone rose's blog I came across a post she put up by Larry Beinhart --
Remembering Reagan: Nostalgic Republican Twaddle
"I just received a gang email that contained a group of quotes from the late, great saint of the right, Ronald Reagan.
It even included a conciliatory note: "I know that there are many 'liberal friends' among the addressees, but if you shut your eyes to the author, there's a good chance you will enjoy the quotations."
Here they are
Speaking of Ronald Reagan, does anyone want to help me answer this question: DO DEFICITS MATTER? (as in TRADE deficits)
'Reagan proved deficits don't matter," Dick Cheney told Paul O'Neill during a Cabinet meeting. "We won the (2002) midterms. This is our due." (we all know what happened to O'Neill)
I better back up here a bit.
What's a trade deficit? And, here's what is happening with our trade deficit: It's falling.....
According to this article, it does matter. Maybe not to us, but it seems that it WILL matter TO OUR CHILDREN
And here are a few more opinions
But when much of the world's capital is being parked in US Treasuries rather than wealth-building entities, and when we are spending like mad at home on flat-screen TVs and I-pods, and US stocks have dangerous valuations and entitlement programs are looming large, it is hard to be sanguine about the deficit. In this case, the capital account surplus looks more like a bulge of borrowed money,parked in Treasuries that could be quickly 'unparked' at any given time.
QUICKLY 'UNPARKED' AT ANY GIVEN TIME
China Has U.S. By The Purse
Yes, the Red Menace that we spent so many years fearing as a military threat now represents a far more serious economic threat. Mao must be turning in his grave with the news that no less than six U.S. Cabinet members are on their way to the Middle Kingdom on Wednesday to beseech, beg, lobby and try to persuade the new mandarins not to sell off their vast reservoir of dollars.
I think I answered my own question.......