Snow: Foreign investment in U.S. will continue

[Rose Siding]

U.S. financial markets will continue to attract foreign investment despite the dollar's decline in value, Treasury Secretary John Snow said Thursday.

"The broad issue there is not of inordinate concern to us," Snow said in an interview. "We have, after all, the deepest, most efficient, most liquid capital markets in the world," he said. "There is no counterpart to these markets."

Snow's comments came a day after the Treasury Department (news - web sites)'s monthly report on foreign investment showed that while foreigners reduced their purchases of Treasuries and corporate bonds in October, they increased their buying of U.S. stocks.
...
"The administration's position hasn't changed. ... We support a strong dollar," Snow said.

However, Snow also repeated that currency values are best set in markets, a sentiment some traders take as a suggestion that the administration is happy with the dollar's decline and has no plans to intervene. "Currency values ought to be based on the fundamentals, and the fundamentals are best reflected when they are demonstrated through open markets," Snow said.

http://story.news.yahoo.com/news?tmpl=story&cid=677&ncid=749&e=6&u=/usatoday/20041217/bs_usatoday/snowforeigninvestmentinuswillcontinue

[Deja Q]

1. That's a bold statement. I wonder how long before reality proves him wrong

If you were a foreign national who had invested in our economy and saw how the value of our economy would continue to sink, just how long would you wait until you pulled out?

And Snow is giving the ultimate snow-job by blithering about fundamentals and free markets, which is what seems to have worsened our trade deficit and the cause of the near-crippled dollar.

[izzie]

5. The percent has dropped or so said the papers

A number of countries are starting to look into euros as they know they will need to deal in them at some time. I got this off some sites on world Eco. but do not recall which ones. If Snow is out talking up the fact that the world is only interested in our money I would be worried. This group in DC never tells us the truth. Saudi even gave figures of what amount they were putting in euros.

[liberal N proud]

2. This guy's name is appropriate because he is one Snow Job

after another.

[0007]

3. John Snow talks like he has a paper asshole.

The dollars is getting weak and the talk is getting stronger.

I wonder what the deepest, most efficient, most liquid capital markets in the world are that have no counterpart to our markets other than defense weaponry?

The U.S. is sinking and the water level is up to our necks.

[blueknight]

4. i worked my whole life

for CSX TRANSPORTATION the company snow was ceo of before he left to work for the chimp. he was the WORST CEO EVER. he absolutley ruined the railroad. all he cared about was cutting jobs and saving money for the stock holders. and in turn, the company suffered greatly

[Bush_Eats_Beef]

6. Well, now Snow's company is the U.S.A....

...and we're only at the halfway point of our suffering.

Bush has four more years to destroy whatever's left. Keeping Snow was a smart move on his point...if he'd asked him to leave, he might have actually stumbled across someone with a competent bone in his body.

[WildClarySage]

7. Well, right now we're such a cheap date

who wouldn't ask us out?

[Rose Siding]

8. The WSJ reports that he wants to "balance" Sarbanes-Oxley...

snip>
NEW YORK (Reuters) - Treasury Secretary John Snow said "appropriate, measured balance" is needed when enforcing the Sarbanes-Oxley Act, the most significant revision of U.S. securities law since the 1930s, the Wall Street Journal reported Friday.

In an interview with the Journal, Snow said, "We don't want to criminalize mistakes. Getting the right balance there... is a very serious public policy issue, and failure to get the balance right has extraordinarily negative long-term economic consequences."

He added that Sarbanes-Oxley is "absolutely essential" and requires no "major modifications," according to the newspaper.

http://money.cnn.com/2004/12/17/news/economy/snow_sarbanes.reut/

[kuozzman]

9. Really?

Phillipines dumping $
http://www.abs-cbnnews.com/FlashNewsStory.aspx?FlashOID=22188

So is China!

[kuozzman]

10. 12/15 Treasury Secretary John Snow: "We are the envy of the world."

[0007]

11. "We are the pariah of the world!"

[durablend]

12. "We're the laughing stock of the world"

[kuozzman]

13. .

[kuozzman]

14. 1