This is the unedited version of the story which appeared in the newspaper, the Library never received the original.

We have to be thankful in Bermuda that the recession was not nearly as bad as in some other countries. As an example, real estate prices have dropped in Bermuda but property is selling and prices are not nearly as bad as some other areas.

In central Toronto prices are down 15 to 35 percent over three years. The top of the market in New York City has crashed by as much as 70 percent. Some parts of California have dropped 45 to 50 percent in two years. The West Coast of Florida, which was booming, has seen house prices come down from 30 to 50 percent.

It is also true that while some Bermudian workers have had a diffcult time, Bermuda has not had the high unemployment of other areas nor has it had a marked drop in wages. Some Bermudian businesses are not doing as well as they might because they have worked hard not to cut their staff. There was a Goverment call early in the recession for Bermudians to keep other Bermudians employed and in, many instances, that call was successful.

Bermuda has always understood that a large number of guest workers were a cushion for continued Bermudian employment. A large number of non-Bermudians are no longer here because those jobs were called on by Bermudians. However, it is fair to say that there is a multiple impact on the economy and people leaving the Island produced a second problem and some Bermudians who used apartments to pay their mortgage found those apartments empty.

Basically, because Government had kept Bermuda away from heavy borrowing, the Country was in as good shape as could reasonably be expected to weather a recession. And Bermuda did weather the recession much better than most countries. Tiny Bermuda is a victim of the Western World's economy. We are as much at the mercy of a recession as we are at the mercy of a hurricane. All Bermuda can do is be prepared and, as a Country, we were better prepared for the recsssion than most households were pepared for Hurricane Emily six years ago.

Bermuda has had a geat deal of success and much of that is due to a well-run economy. It has become fashionable to sneer at economic success and to imply that it did not take good management and success would have come to Bermuda as if by magic no matter what. That is plainly untrue because Bermuda had no better advantage than the Bahamas and bad management has left the Bahamas' economy in tatters.

Without the freedom which economic success has given us, we would be much worse off in such areas as education. Success has given a large number of people the choice of where and how to educate their children in a way that most of the world can envy.

Success has also given Bemudians the freedom to travel, and they do travel more extensively than any other people. It is also economic success which allows people the freedom to choose to travel abroad to shop.

Indeed, if Bermuda were not successful, many of the things which Bermudians choose to do "off the Rock'' would simply not be possible except for the rich. The notable thing about Bermuda's success is just how wide a spectrum of Bermudians are economically successful enough to enjoy these freedoms.