Fort Worth Star-Telegram from Fort Worth, Texas on June 18, 1998 · 13
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Fort Worth Star-Telegram from Fort Worth, Texas · 13

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Fort Worth, Texas
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Thursday, June 18, 1998
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13
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Thursday Juni 1 8 I W8 Star-Telegram Section A Page 1 3 White House argues for extension of China's trade status By Tom Raum The Associated Press WASHINGTON — The Clinton administration cited the Asian financial crisis yesterday as an argument for a year's extension of full-fledged trade relations with China an annual battle that has been extra contentious this year because of the dispute over satellite exports to Beijing "It's a very sensitive time" Susan Esser-man a White House trade official told a House Ways and Means subcommittee considering President Clinton's plan for renewing China's most-favored-nation status In advance of Clinton's trip to China next week administration officials and China- trade supporters seized on a new reason for the annual renewal: China's role in helping to stabilize the ecnomically troubled region China with the region's fastest-growing economy so far has escaped currency devaluations that have swept the region "Revoking MFN most-favored-nation status would worsen the Asian financial crisis" said Esserman general counsel for the US trade representative She suggested it could drive prices up to 44 percent higher on Chinese-made goods bought in the United States Stanley Roth assistant secretary of state for East Asian and Pacific affairs said revoking the trade status "would affect our relations with China across the board" Furthermore he suggested "we would be eliminating the prospects for future progress" Roth said that China has undertaken major economic overhaul in the past few years All other major US trading partners have permanent most-favored-nation status which means normal trade relations at lowest possible tariffs China's has to be renewed each year under a 1974 law aimed at communist regimes with poor emigration records Supporters of trade with China have suggested that major blows to normal trade could bring pressure to bear on China to devalue its currency and further contribute to financial instability in the region It would be akin to "pouring gasoline on a four-alarm fire" suggested Rep Bill Archer R-Houston the Ways and Means chairman Rep Jennifer Dunn R-Wash whose Seattle-area district has a big stake in trade with China said "China will play an even larger role in helping to stabilize the Asian economy" But opponents of maintaining trade with China urged revocation "MFN has led directly to the bankruptcy of our proliferation policies" said Rep Gerald Solomon R-NY He referred to investigations into whether satellite tech nology exports to China jeopardize national security or were influenced by campaign contributions Rep Foitney "Pete" Stark D-Calif said: "The Chinese government is barbaric They have no desire or intention to change They release a few dissidents and put 10 more in jail They laugh at us and mock us They want us to buy their cheap sneakers and T-shirts" The United States has a $50 billion trade deficit with China US exports to China constitute mostly high-technology goods including aircraft Imports from China include low-technology products such as toys and apparel I Van From Page 1 went only modestly beyond Japan's past agreements to deregulate the economy to clean up a banking system awash in $600 billion in bad debts and to change the tax system to stimulate the I "We've got a chance to turn 'i that situation in Asia around before it gets any worse" Clinton said America needs a strong growing stable economy in Asia" Although the president defended the American position some members of his Cabinet remained skeptical The decision was hody debated inside the Treasury and Couple From Page 1 of Panhandle met in November through his sister and her brother who had become engaged and have since married In the clarity of hindsight Hays conceded that the chances of the romance surviving the yawning age gap and parental disapproval were minute at best But back in February — in the heat of clandestine meetings and all-night telephone conversations — they were blinded by love "We had joked about leaving and living on a beach in Mexico" Hays said "We had laughed about it But doing it was a spur-of-the-moment thing We didn't decide to do it until five minutes before we left We left so fast that we didn't even pick up my last paycheck We were in love and love makes you do crazy things" As they sped toward Lubbock in Hays' beat-up Buick sedan he confided to Ludington that he might have "to do some things" to finance their flight The first thing they did he said was rob a Lubbock deputy sheriff an old acquaintance of Hays of a 9mm semiautomatic and a 22-cal-iber target pistol "I needed guns if I was going to pull robberies" he said "and the only other person I knew had them was my stepfather I couldn't bring myself to steal from him" If Ludington was alarmed at the turn of events she concealed it Hays said The couple drove into New Mexico and then cut across to El Paso "I kind of put a plan together in my head I knew we couldn't stay in Texas" Hays said The plan was to raise money through robberies Hays said and then retire to southern Mexico until the heat faded Hays said he reckoned $30000 would keep them in style "I told Shannon that all I needed was one big hit" he said "She never was involved in the robberies" As the pair meandered through the West — Colorado Utah Nevada California — the "big hit" never materialized Hays said he pulled small jobs every couple of weeks but he declined to say how many "They've been saying on TV and in the papers that we were Bonnie and Clyde" Hays said "It wasn't anything like that at all "I didn't want to get shot and I certainly didn't want to shoot anyone I never leveled my gun at anyone I just showed where it was tucked in my pants" Sometimes the victims — proprietors of outlet mall shops or movie ticket booths — would hand over the cash he said Sometimes they would just laugh Hays said in which case he would beat a hasty retreat On April 1 Hays said he and Ludington kidnapped Amarillo car the Federal Reserve Secretary of the Treasury Robert Rubin had decided not to recommend any action but changed his mind only an hour before making a final recommendation to the president Rubin and others were swayed by the last-minute Japanese offers for a few more specific commitments and indications that the markets were beginning to turn of their own accord — a trend that Rubin a former currency trader believed he could accelerate But the real motivation was a growing sense in Washington and capitals around Asia that the continued fall of the yen could ricochet to markets around the world further destabilizing Russia China and Latin America — and perhaps the United States "The chances were remote" Rubin said yesterday speaking with his tradi salesman Gil Reeves during a test drive at an auto dealership "I know he was scared" Hays said "But I told him we weren't going to kill him I told him we'd call the sheriff and get him set free" Reeves left bound to a tree about 100 miles east of Amarillo was unhurt Hays said he did call the sheriff as promised but authorities said Reeves was discovered by a farmer before the call was made As the weeks dragged by the couple spent their time bowling playing putt-putt golf and watching movies he said The dream of the Mexican beach began to fade "I knew that I would have to rob a bank" he said "And I scoped some out But every time I did I always saw an armed guard there I knew that if I tried to rob a bank there was going to be gunplay and I didn't want that" Beyond his qualms about violence Hays said the couple found that leaving the United States would be difficult without documents "When we were in San Diego we investigated taking a ship cruise to southern Mexico but we couldn't do it without passports or whatever and Shannon didn't have any identification at all" "It was a shortsighted situation we were in" he conceded "But once the ball starts rolling you can't stop" A one-time Abilene Christian University history major Hays had been brought up in a strict household The family attended Church of Christ services three times Nunn Bush Air - Orig $5000 Black or Brown Genuine leather sole filled with tiny air bubbles Sizes Plaid Madras Orig $2400 Jfift fggfc ? 16 99) $mm Button down collar Assorted plaids 100 Cotton STRIPLING V Richland tional caution But he added "If a major crisis were to develop the effects in our own nation could be great" The currency intervention appeared to be in the range of $15 billion to $2 billion far less than the $20 billion Japan spent uselessly in April to support its currency But the psychological effect of the American action with its accompanying suggestion that more is on the way was immediate if perhaps only temporary The Japanese currency which touched the level of 146 yen to the dollar this week fell back to about 137 The Dow Jones industrial average which suffered a series of setbacks over the past few weeks as fears increased that the Asian crisis is entering a more fearsome phase soared by 16417 weekly "Those people are in no way to blame for what I became" he said "Yes I felt guilty but I would do anything for Shannon I just didn't want to lose her I did all of this for love I wish you could understand that This was not a joy ride" The couple spent the past month in Las Vegas he said "It was cheap" Hays said "You could get a good clean room for $25 Not any $100 room We enjoyed it here" Occasionally he said they attempted to increase their stake by playing blackjack at the casinos But mainly they hung out On Friday afternoon they were making their way back to their room with a takeout meal from Taco Bell he said when police intercepted them for having an expired license plate They were still driving the Jeep Grand Cherokee stolen in Amarillo "I thought about running for it" he said "I told Shannon to play it cool She was scared She grabbed my hand I could tell the cops recognized me When they told me to step out of the car I knew it was over He was reaching for his gun "They wouldn't let me kiss her goodbye" he said "They cuffed me and then got her out of the car and cuffed her" They were put in separate patrol cars "She said 'I love you' I said 'I love you too' "I could see there was a tear rolling down her cheek "Then they took her away" Bottoms 99 j 11 upper Air millions of I 1 J at I Great 2-pocket polycotton plaids J Spread collar Sizes M-L-XL 7 12-12M Vrf IfALEXXUS Shirts Banded bottom I block woven I with 1 fir 7 nexkets CottonPoly Sizes M - L - f Your FREE Weekend Travel Bag f All Mens TOCKEY tb i mils irom XI :j0 Arliii'Mon -- points closing at 882946 Still it is far from clear that the joint effort by the Federal Reserve and the Bank of Japan will offer more than a temporary respite from what one senior administration official called "a massive crisis of confidence among investors in Japan" "The timing and the context suggest a finger in the dike" said John Lipsky chief economist at Chase Manhattan Bank a view echoed by many traders who doubted that the yen's recovery could last in the absence of a major change of course by Japan Rubin told Congress last week that currency interventions are of limited use unless investors are "convinced by the economic fundamentals" And that means a series of unpopular steps to clean up the Japanese economy includ Booker From Page 1 tigators have vague descriptions of the boat's driver but no suspects So officials must close the book on the headline-grabbing case that sparked outrage in Denton County new boating laws from the Texas Legislature and an agonizing personal struggle for one woman Since the accident Booker now 35 has had 17 surgeries to receive new lips teeth skin and a new nose The Carrollton woman takes 50 pills a day to fight the ' swelling and to kill the pain which she describes as feeling like her face is covered with fire ants said her attorney Larry Rolle Booker's nose collapsed again last week and she was in too much pain to be interviewed he said All her facial nerves were severed so she has no senses of smell taste and feel The other women in the boat Sabra Scott and Kim Colvin were not seriously injured About 1500 people were on the lake when the accident occurred after midnight June 18 1995 in a no-wake zone near Pier 121 Marina The crowd included Dennis Rodman of the Chicago Bulls and friends who were using his boats which resembled the W £PSS5£ Pajamas for Dad! f vxTlAYAjli i I rsA Orig $2000 Sport Shirts Orig $3200 § 2199 Kh color shirts Blend XL 1 1 1 i i t uuu fLiuirr I 1 Short y with any $34 Lagerfekl purchase S While supplies last j ! ing bank closings corporate downsizing and big deficit spending by the government — all moves that few Japanese politicians want to even discuss in public before an election for the upper house of Parliament in mid-July Just hours after the currency intervention began President Clinton sent Rubin's deputy Lawrence Summers and William McDonough president of the New York Federal Reserve Bank to Tokyo for consultations with their Japanese counterparts Underscoring the sense that the Asian crisis is worsening fast the Group of Seven industrialized nations announced that they will hold a meeting of deputy finance ministers in Tokyo on Saturday The politics of President Clinton's trip to China also weighed one that struck Booker But their alibis checked out and they were cleared as suspects said Mike Ramon a Denton County deputy sheriff Ramon has worked full time on the case since it happened Aided by state agencies such as the Texas Rangers and national television programs such as Unsolved Mysteries he has waded through more than 2000 tips interviewed hundreds of suspects and sent divers to the bottom of the lake twice to search for clues But many facts surrounding the case remain unknown because the accident occurred at night making it difficult for witnesses to describe the boat and those on board "We've had all types of agencies in the state of Texas checking out leads for us" Ramon said "We've tried everything humanly possible to bring a suspect forward but we've just had no luck" Through hypnosis Booker and her friends told investigators that the driver was a muscular white man about 5 foot 10 with short hair Ramon said They also described a female passenger with long black hair he said The boat was about 25 feet long and had white paint on the hull but there are hundreds of similar boats on the lake on any given weekend In 1996 Booker and the two women filed a $63 million negligence lawsuit The lawsuit cites several acts of negligence on the )) jv3 anJ stripes Cotton Poly Blend Sizes M-L-XL l it rrV V heavily on the decision Over the weekend China accused the United States and Japan of worsening the Asian crisis by letting the yen fall and in a series of messages to Treasury officials in the past few days Chinese officials began hinting that the pressure was growing to devalue their country's currency the yuan US officials have long feared that such a move would set off competitive devaluations around the world as China's competitors throughout Asia and in Latin America and Central Europe followed suit so that their products would not be more expensive than China's products on world markets That in turn could trigger the kind of market sell-offs unemployment and social unrest that has built in Asia since last summer part of the marina the boat driver and the boat owner whom the suit names as John Doe Nos 1 and 2 and will likely go to trial this fall Rolle said Joe Funk of Dallas majority owner of the marina did not return a telephone message yesterday For several months after the accident Booker was confined to hospitals and to her bed but she has since returned to work at an employment agency She also launched a campaign to strengthen the state's boating laws and testified in Austin on their behalf "Stephanie Booker has shown remarkable courage and strength" said state Sen Jane Nelson R-Flower Mound who sponsored legislation to require boater safety classes and other measures on Booker's behalf "It is disappointing that the boat driver has not been brought to justice But Stephanie's fight to rebuild her life has not been in vain" If apprehended today the suspect would probably be charged with aggravated assault and possibly failing to render aid Denton County District Attorney Bruce Isaacks said By Texas law a person must be formally charged within three years of the date of offense for most crimes except those such as murder and manslaughter which are treated differently in criminal procedure codes he said Dave Ntlson (817) 685-3X07 iiavenelstmsliir-telegramcom River Trader nTTrvnr Your choice Twill Denim or Chambray Orig $2800 19 99 Elastic waist or double pleated 1 100 Cotton O "111 SI 3lLJL 1

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