[richlevy]

This Just In -

BERLIN - The dollar dropped sharply against major currencies Wednesday after figures showed that the United States' trade deficit soared to an all-time high in November.
Worries over the wide U.S. trade and budget deficits have been the key factor in the dollar's decline in recent months against the euro, which reached a record high of $1.3667 on Dec. 30.
The Commerce Department (news - web sites) said the November deficit was up 7.7 percent from an imbalance of $56 billion in October, which had been the previous monthly record. The new record — $60.3 billion — surprised private economists, who had forecast a slight narrowing in the trade gap.

So it's spend, spend, tax rebate, spend spend.

While Washington insists it has a "strong dollar" policy, many analysts believe the U.S. government is content to see the dollar fall because it makes U.S. exports cheaper.
Comments reaffirming the "strong dollar" policy this week by U.S Treasury Secretary John Snow were seen by markets as indicating a hands-off approach and failed to strengthen the currency.
On Wednesday, Snow played down the record trade deficit, telling reporters in New York that "the trade gap reflects the fact that Americans are becoming more prosperous."

So if I run up a $40,000 bill on my credit card it shows I am successful because someone was willing to extend me that kind of credit.

At least Greenspan wouldn't compromise himself by saying something so stupid. Snow understands what it takes to be successful in the current administration. (Tony, can we have an ass-kissing smiley?)