HomeMy WebLinkAboutResolutions - 1987.11.05 - 18052Miscellaneous Resolution # 87299
BY: General Government Committee, Richard G. Skarritt, Chairperson
IN RE: (SUPPORT) FOR PRESIDENT REAGAN AND CONGRESS TO WORK TOGETHER TO
RESOLVE THE DEFICIT AND TRADE IMBALANCE PROBLEMS
To the Oakland County Board of Commissioners
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, the October 19, 1987 Dow Jones 508-point one day drop in
the stock market sent signals throughout the world that the U.S. economic
system was in need of repair; and
WHEREAS, subsequent to the U. S. market crash, worldwide stock markets
experienced a similar free fall in prices; and
WHEREAS, since the market plunge, some investors have decided to
stay on the sidelines while others are aggressively looking for bargains;
consequently our market has been very volatile and unpredictable; and
WHEREAS, many world financial experts have pinpointed the U.S. defi-
cit as the root problem of the market instability along with our country's
trade in-balance which weakens the dollar; and
WHEREAS, economists say that in recent weeks the U.S. is sliding
backwards at a $1 billion per day pace; $500 million in new deficits and $500
million in trade imbalance.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commis-
sioners urges President Reagan and Congress to work together to resolve the
deficit and trade imbalance problems so that confidence in the U.S. market
system is not further eroded and stability in the market place can be further
restored.
BE IT FURTHER RESOLVED that copies of this resolution be sent to
the Michigan Congressional delegation and to President Reagan.
Mr. Chairperson, on behalf of the General Government Committee, T
move the adoption of the foregoing resolution.
ichãrd G. Skarritt, Chairperson
General Government Committee
5th day of 5 87 November
ALLEN
Couly Clerk/Register of Deeds
RESOLUTION # 87299
November 5, 1987
Moved by Skarritt supported by Crake the resolution be adopted.
AYES: S. Kuhn, Lanni, Law, Luxon, McConnell, A. McPherson,
R. McPherson, Moffitt, Page, Price, Rewold, Skarritt, Wilcox, Aaron,
Caddell, Calandra, Crake, Doyon, Gosling, Hobart, Jensen, R. Kuhn. (22)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland and having a seal,
do hereby certify that I have compared the annexed copy of
this Miscellaneous Resolution adopted by the Oakland County Board of Commissioners
at their meeting held on November 5, 1987
with the orginial record thereof now remaining in my office, and
that it is a true and correct transcript therefrom, and of the
whole thereof.
In Testimony Whereof, I have hereunto set my hand and affixed the
seal of said County at Pontiac, Michigan
this