Economy:4-4-07 Rich lose confidence in stock market

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dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
2-21-2005 Consumer-Confidence Data Useless

RICHMOND, Va. - Consumer confidence indexes help move stock markets, influence corporate decisions and alter governments' economic outlooks. But a study says they're essentially useless for forecasting Americans' spending patterns.
==================================================
Again, I'm not surprised.

All of the data that the Republicans and P&N Bush Fan Boi's on here has been and will continue to be pure 110% Bullsh!t.
 

charrison

Lifer
Oct 13, 1999
17,033
1
81
Originally posted by: Engineer
New housing starts hit 21 year high.

Lower interest mortgage rates seem to be driving the housing market to ever higher levels. This will boost the economy to an extent even with rising interest rates.

Comment on the bankruptcy rate: I read that 2 million people file for bankruptcy each year in the US. 1 Million are from medical costs with 700,000 being middle class WITH health insurance. :Q



linkage

It appears that is only 1.5Million and that the number bankrupties having been heading in the downward direction.
 

catnap1972

Platinum Member
Aug 10, 2000
2,607
0
76
Originally posted by: charrison
Originally posted by: Engineer
New housing starts hit 21 year high.

Lower interest mortgage rates seem to be driving the housing market to ever higher levels. This will boost the economy to an extent even with rising interest rates.

Comment on the bankruptcy rate: I read that 2 million people file for bankruptcy each year in the US. 1 Million are from medical costs with 700,000 being middle class WITH health insurance. :Q



linkage

It appears that is only 1.5Million and that the number bankrupties having been heading in the downward direction.

Just wait until that bankruptcy bill gets rammed through...you ain't seen nothing yet.
 

Kibbo

Platinum Member
Jul 13, 2004
2,847
0
0
Dave, the consumer confidence index has long been held by economists of all political stripes as a leadng indicator of economoc performance.

In fact, if this study hold up to scrutiny, it will only bolster the supply-side argument.

Edit: after reading the article, this finding won't do anything to the supply-side argument.
 

dannybin1742

Platinum Member
Jan 16, 2002
2,335
0
0
as usual, the reds glossed over my previous comment about slave labor in iowa, from REAL people who have been on the sh!t end of the stick more than once
 

CADsortaGUY

Lifer
Oct 19, 2001
25,162
1
76
www.ShawCAD.com
Originally posted by: dannybin1742
Funny, both the Honda plant and the Goodyear plant are hiring locally for the first time in about six years.

are you in iowa? (just curious)

anyways the article on bankrutcys was in the des moine register about 2 weeks ago


The P&N Republicans and Christians from Iowa as well as all the Economy reports out of Iowa the last couple of years swear that Iowa is the Mecca of Economic Boom in the U.S.
(just cause busnesses are hiring in iowa is not all that great if they don't pay a livable wage)

ask them about maytag too

yeah its pretty sad, people like cadkindaguy will push this (not to put him down), to know the real situation you have to talk to the people who are in that unemployment bracket or know people who are, i generally talk to the janitors here alot they are the few americans that actually work in the molecular biology building where i work, and you wouldn't beleive the employment stories they have of business they have worked for in DM and ames. these business generally use employment agencies that way they don't have to pay health insurance for the workers, then they fire them before 6 months so that they don't pay them full wages, then they are hired again a few weeks later, and this is not from one of the janitors, i have heard this from 4 or 5 of them, one of these businesses is danfoss (i think thats the name, its near 35 as you pass near ames), i've heard barrilla does it too

:roll: what is sad is people like you lapping of dave's drivel. I have never claimed Iowa is a mecca for jobs or anything else. But that is not your only problem, you falsely ASSume that I don't talk to real working people :roll: ...what you forget that I deal with them often while doing my job, and I also interact with them outside of work too in my other activities.

So in short - take your ASSumptions and shove em.

now as to your ridiculous conclusion of "slave labor in iowa" - you going to provide some proof or are you just tossing accusations out there? Slaves? Get real...

CsG
 

miketheidiot

Lifer
Sep 3, 2004
11,060
1
0
[cheapshot]at least dave adds commentary when he cuts and pastes ;)[/cheapshot]



of course whether or not that is a good thing is open to interpretation.;);)
 

charrison

Lifer
Oct 13, 1999
17,033
1
81
Originally posted by: miketheidiot
[cheapshot]at least dave adds commentary when he cuts and pastes ;)[/cheapshot]



of course whether or not that is a good thing is open to interpretation.;);)

What should be open for discussion is what is the definaiton of commentary....
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Originally posted by: CADsortaGUY
what is sad is people like you lapping of dave's drivel. I have never claimed Iowa is a mecca for jobs or anything else. But that is not your only problem, you falsely ASSume that I don't talk to real working people :roll: ...what you forget that I deal with them often while doing my job, and I also interact with them outside of work too in my other activities.

now as to your ridiculous conclusion of "slave labor in iowa" - you going to provide some proof or are you just tossing accusations out there? Slaves? Get real...

Obviously my "Drivel" is real.

When in all of the posts by the Bush Supporters from Iowa in here ever mention anything other than "Glowing" accolades about the job situation in Iowa??? Never

"you falsely ASSume that I don't talk to real working people :roll: ...what you forget that I deal with them often while doing my job, and I also interact with them outside of work too in my other activities."

Dealing with "THEM"??? Sounds pretty darned condescending to me, the very definition of "Slave Labor".

Red States :roll:
 

CADsortaGUY

Lifer
Oct 19, 2001
25,162
1
76
www.ShawCAD.com
Originally posted by: dmcowen674
Originally posted by: CADsortaGUY
what is sad is people like you lapping of dave's drivel. I have never claimed Iowa is a mecca for jobs or anything else. But that is not your only problem, you falsely ASSume that I don't talk to real working people :roll: ...what you forget that I deal with them often while doing my job, and I also interact with them outside of work too in my other activities.

now as to your ridiculous conclusion of "slave labor in iowa" - you going to provide some proof or are you just tossing accusations out there? Slaves? Get real...

Obviously my "Drivel" is real.

When in all of the posts by the Bush Supporters from Iowa in here ever mention anything other than "Glowing" accolades about the job situation in Iowa??? Never

"you falsely ASSume that I don't talk to real working people :roll: ...what you forget that I deal with them often while doing my job, and I also interact with them outside of work too in my other activities."

Dealing with "THEM"??? Sounds pretty darned condescending to me, the very definition of "Slave Labor".

Red States :roll:

Yes dave - "deal with them" - you know, interact, work along side, etc. If you'd take your hate glasses off for a minute and quite ASSuming, you'd have understood that.
I still would like dannybin to provide something to back up his asinine statements about "slave labor" but it seems he can't.... go figure.

CsG
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
2-24-2005 Tax-Cutting Ind. Governor Proposes Hike

INDIANAPOLIS - Gov. Mitch Daniels proudly displays a samurai sword in his office, a remnant of the days when President Bush nicknamed him "The Blade" for his prowess in cutting taxes and federal spending.

But now the former White House budget director ? and Indiana's first Republican governor since 1988 ? has proposed a one-year tax increase to slice away at the state's $645 million deficit.

Critics say the move contradicts not only Daniels' reputation as a fiscal conservative, but GOP tradition itself.

"This is the fastest any governor claiming to be a Reagan Republican has folded under the pressure of big-spending interests," said Grover Norquist, president of Americans for Tax Reform, a conservative group that in 2002 hailed Daniels as its "strongest ally in the administration."



 

Engineer

Elite Member
Oct 9, 1999
39,230
701
126
Critics say the move contradicts not only Daniels' reputation as a fiscal conservative, but GOP tradition itself.

GOP tradition also has smaller, less intrusive government and smaller government spending but neither of those two have held up either. If they spend like hell and make government bigger, especially if they are doing it while cutting taxes and raising spending much faster than growing the economy, how can they expect not to have record deficts and eventually, raise taxes. Either spending has to slow or revenue has to increase.
 

dullard

Elite Member
May 21, 2001
25,476
3,976
126
Originally posted by: Engineer
how can they expect not to have record deficts and eventually, raise taxes.
They expect to occasionally lose the election to someone (democrat or independant) who will raise taxes. Then they can blame the other person for all of the ills.

 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Originally posted by: dullard
Originally posted by: Engineer
how can they expect not to have record deficts and eventually, raise taxes.
They expect to occasionally lose the election to someone (democrat or independant) who will raise taxes. Then they can blame the other person for all of the ills.

:shocked:

OMG, someone in P&N that sees the Repubs for the BS artist's that they are, shocking.


 

dullard

Elite Member
May 21, 2001
25,476
3,976
126
Originally posted by: dmcowen674
OMG, someone in P&N that sees the Repubs for the BS artist's that they are, shocking.
I have a lot of respect for republicans and their ideals. I have voted for a few (but definately more democrats have gotten my vote). However, none of them ever seem to follow through with their ideals. For example, Bush is in office with a majority in the house and senate. They should be able to do anything that they claimed that they would do. I personally feel many of those people won the election due to a large religious vote. But has anything at all happened related to the religious wishes? Nope. Not one thing. For example, abortion is still legal and there has been no attempt to stop it. Yet abortion ideals alone is probably what got Bush into the office.

Same goes with economy and many other issues. Compare Bush's 2000 election debates to what he has done with governmental spending in the last 4 years. Its a shocking 180° difference.
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Originally posted by: dullard
Originally posted by: dmcowen674
OMG, someone in P&N that sees the Repubs for the BS artist's that they are, shocking.
I have a lot of respect for republicans and their ideals. I have voted for a few (but definately more democrats have gotten my vote). However, none of them ever seem to follow through with their ideals. For example, Bush is in office with a majority in the house and senate. They should be able to do anything that they claimed that they would do. I personally feel many of those people won the election due to a large religious vote. But has anything at all happened related to the religious wishes? Nope. Not one thing. For example, abortion is still legal and there has been no attempt to stop it. Yet abortion ideals alone is probably what got Bush into the office.

Same goes with economy and many other issues. Compare Bush's 2000 election debates to what he has done with governmental spending in the last 4 years. Its a shocking 180° difference.

I understand Dems are BS artist's too but when they lie it is generalyy hidden from view even sometimes under a desk but the Repubs LIE to your face.

 

dullard

Elite Member
May 21, 2001
25,476
3,976
126
Originally posted by: dmcowen674
I understand Dems are BS artist's too
I never said they weren't. All politicians are BS. What it boils down to is who's BS will do more harm.
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Originally posted by: dullard
Originally posted by: dmcowen674
I understand Dems are BS artist's too
I never said they weren't. All politicians are BS. What it boils down to is who's BS will do more harm.

Let's see, BJ under desk Vs False Rich Man's War costing American Soldiers lives, innocents and Billions in Tax dollars, which is more harm??? :confused:

 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
More whining and cring by Hoosiers about their own choice of Republican Governor looking to Tax the Rich Republicans of Indiana.

2-28-2005 Hoosier hysteria over taxes

INDIANAPOLIS--Looking back, says Americans for Tax Reform's Grover Norquist, "I should have smelled it." When the powerful antitax crusader asked Republican Indiana gubernatorial hopeful Mitch Daniels to take a no-new-taxes pledge last spring, Daniels balked. Sure, he'd received Norquist's Hero of the American Taxpayer award in 2002, as budget director for George W. Bush. Bush even nicknamed Daniels "the Blade" for his budget-slashing zeal.

But last month, newly elected Governor Daniels announced that he'd seek a one-year, 1 percentage-point tax hike on Hoosiers earning $100,000 or more to help balance Indiana's budget.

The reaction in national conservative circles was volcanic. "[T]he people he's giving the knife to in Indianapolis are his own voters,"

Indiana lost more than 100,000 manufacturing jobs from 2000 to 2003.

But by taxing the state's top 6 percent of wage earners, Daniels says his plan avoids saddling the poor and middle class with all the burden.
============================================
Interesting.

He can't drain the poor and middle anymore apparently.

Looks like Indiana could go back to a Blue State, Ohio are you watching???
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Awwwwww Samsung not listening to Bush Regime that everythig is Rosey.

Why???

2-28-2005 Samsung Electronics Says Business Outlook Not Good

SEOUL - Samsung Electronics Co. Ltd., the world's top maker of memory chips, said on Monday the outlook for its key businesses was not good due to slower global economic growth and sluggish domestic consumption.

"The world economy is facing slower growth this year and the domestic consumption is still sluggish. So there are big risk factors going forward. The outlook for our key businesses is not good," Yun Jong-yong, Samsung's vice chairman, told an annual meeting of shareholders.

 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Intel says to Oregon, Arizona and Ireland, give us more free money or we will move to China.

3-7-2005 States Race to Cut Taxes to Attract Intel

SAN FRANCISCO - Intel Corp., the world's largest chip maker, is offering U.S. states the promise of dollars of capital investment in exchange for an overhaul of their tax laws, which it says are making the United States less competitive than other regions of the world.

The Santa Clara, California-based company is now heavily lobbying officials in Arizona and Oregon for tax cuts that could save the company tens of millions of dollars a year in property and income taxes.

At the same time, executives have begun speaking out more forcefully about the lure of China, Singapore and Malaysia, whose governments are offering free land and tax holidays to Intel to build its first Asian factory in their borders.

Critics say Intel is playing local governments off of one another to reduce its state tax burden to virtually nothing.

"We call it the race to the bottom"

"We want to be progressive and keep Intel happy, and keep the jobs here," said Boyd Dunn, the mayor of Chandler, Arizona, a suburb of Phoenix where Intel employs around 10,000 people.

In Oregon, Intel is seeking to renew a property tax shield called a Strategic Investment Program that is set to expire in 2014, and which it said it needs to remain competitive if it is to invest further in Oregon.

Due to a combination of export restrictions and the availability of skilled labor, Intel could not yet easily build a chip factory in China, the world's fastest-growing market for chips.

But the company has said it is looking.

"You look at some of the great opportunities -- free land, tax holidays," Grant said.

 

jpeyton

Moderator in SFF, Notebooks, Pre-Built/Barebones
Moderator
Aug 23, 2003
25,375
142
116
Originally posted by: dmcowen674
Intel says to Oregon, Arizona and Ireland, give us more free money or we will move to China.

3-7-2005 States Race to Cut Taxes to Attract Intel

SAN FRANCISCO - Intel Corp., the world's largest chip maker, is offering U.S. states the promise of dollars of capital investment in exchange for an overhaul of their tax laws, which it says are making the United States less competitive than other regions of the world.

The Santa Clara, California-based company is now heavily lobbying officials in Arizona and Oregon for tax cuts that could save the company tens of millions of dollars a year in property and income taxes.

At the same time, executives have begun speaking out more forcefully about the lure of China, Singapore and Malaysia, whose governments are offering free land and tax holidays to Intel to build its first Asian factory in their borders.

Critics say Intel is playing local governments off of one another to reduce its state tax burden to virtually nothing.

"We call it the race to the bottom"

"We want to be progressive and keep Intel happy, and keep the jobs here," said Boyd Dunn, the mayor of Chandler, Arizona, a suburb of Phoenix where Intel employs around 10,000 people.

In Oregon, Intel is seeking to renew a property tax shield called a Strategic Investment Program that is set to expire in 2014, and which it said it needs to remain competitive if it is to invest further in Oregon.

Due to a combination of export restrictions and the availability of skilled labor, Intel could not yet easily build a chip factory in China, the world's fastest-growing market for chips.

But the company has said it is looking.

"You look at some of the great opportunities -- free land, tax holidays," Grant said.

Dave, you say "let them move to China". Well if Oregon doesn't give Intel tax breaks, they stand to lose FAR MORE money in local investment, salaries, and personal income and property taxes over the next decade and beyond.

You seem to be more concerned about the morality or principle behind giving them tax cuts vs. the actual bottom line.

And if they don't give Intel the tax breaks and they do move, then there will be nothing to tax anyways.
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Originally posted by: jpeyton
Originally posted by: dmcowen674
Intel says to Oregon, Arizona and Ireland, give us more free money or we will move to China.

3-7-2005 States Race to Cut Taxes to Attract Intel

SAN FRANCISCO - Intel Corp., the world's largest chip maker, is offering U.S. states the promise of dollars of capital investment in exchange for an overhaul of their tax laws, which it says are making the United States less competitive than other regions of the world.

The Santa Clara, California-based company is now heavily lobbying officials in Arizona and Oregon for tax cuts that could save the company tens of millions of dollars a year in property and income taxes.

At the same time, executives have begun speaking out more forcefully about the lure of China, Singapore and Malaysia, whose governments are offering free land and tax holidays to Intel to build its first Asian factory in their borders.

Critics say Intel is playing local governments off of one another to reduce its state tax burden to virtually nothing.

"We call it the race to the bottom"

"We want to be progressive and keep Intel happy, and keep the jobs here," said Boyd Dunn, the mayor of Chandler, Arizona, a suburb of Phoenix where Intel employs around 10,000 people.

In Oregon, Intel is seeking to renew a property tax shield called a Strategic Investment Program that is set to expire in 2014, and which it said it needs to remain competitive if it is to invest further in Oregon.

Due to a combination of export restrictions and the availability of skilled labor, Intel could not yet easily build a chip factory in China, the world's fastest-growing market for chips.

But the company has said it is looking.

"You look at some of the great opportunities -- free land, tax holidays," Grant said.

Dave, you say "let them move to China". Well if Oregon doesn't give Intel tax breaks, they stand to lose FAR MORE money in local investment, salaries, and personal income and property taxes over the next decade and beyond.

You seem to be more concerned about the morality or principle behind giving them tax cuts vs. the actual bottom line.

You bet I am. Obviously it is too late for Republicans to realize they should care too.
 

imported_Condor

Diamond Member
Sep 22, 2004
5,425
0
0
Originally posted by: dmcowen674
11-11-2004 Fla. Gets Boost From Hurricane Rebuilding

One person who is skeptical about the potential benefits of the storms is Gov. Jeb Bush.

The governor said the hurricanes could ultimately prove a drag on Florida's economy because of the high insurance deductibles many hurricane victims will pay. Some estimates put the out-of-pocket costs at more than $1 billion statewide.

"I do not believe ... that having four hurricanes is good economically for the state," Bush said. "It's impossible for me to imagine that that's a good idea."

11-3-2004 Factory Orders Fall for 2nd Straight Month

Orders placed with U.S. factories fell for the second consecutive month in September, .the first back-to-back decline in two years.. Demand dropped sharply for manufactured goods other than defense materials, the Commerce Department reported Wednesday.the first back-to-back decline in two years.

Students that Graduated from the 1999-2000 College Class are still out of work and those that did find jobs have been laid off:

10-27-2004 Work Force of 1999 Still Languishing

The day she graduated from Northeastern University, Liz Erk thought she had it made.

The Boston public relations firm where she interned during her senior year promoted Erk to a full-time employee. It was 1999, the economy was booming, and Erk's higher-ups told her she'd be a vice president in a few years.

But the past five years haven't brought slick suits or a corner office. By 2001, Erk found herself unemployed and struggling to make her rent, pay her utilities and feed her cats

when the economy started slumping in mid-2000, they found themselves facing layoffs and pay cuts.


10-18-2004Job Cuts in Tech Sector Soar 60% in Third Quarter With More To Come


10-11-2004 World Fears U.S. Economy Weakening

"There are fears that the U.S. economy may now finally weaken," said Benedikt Germanier, foreign exchange strategist at UBS in Zurich.


24,000 Jobs lost today 10-7-2004

10-7-2004 AT&T expands layoff plan, to cut 7,000 jobs

The company, which had cut about 5 percent of its 61,600 workers by the end of the second quarter, said the new cuts would bring the total reduction to 20 percent of its work force.

10-7-2004 Bank of America to Slash 17,000 Jobs

CHARLOTTE, N.C. - Bank of America Corp. said Thursday it will cut another 4,500 jobs beginning this month as a result of its merger with FleetBoston Financial Corp. and declining business in mortgages.

The 2.5 percent reduction of the work force, disclosed Thursday, comes on top of 12,500 layoffs that the bank previously said it expected to see from the mega-merger with FleetBoston, which went through earlier this year.


U.S. Rep. Barney Frank, D-Mass., a leading critic of the merger, said Thursday that the latest layoffs are a troubling counterpoint to the decision to move the wealth and investment management unit to Boston.

"Bank of America officials continue to maintain that we will have suffered no net job losses by early in 2006, but that is little solace to the people who are losing jobs now," Frank said in a prepared statement. "Furthermore, while Bank of America tells us there will be 'ebbs and flows' before we reach that point in 2006, a pattern of continuous 'ebbing' leaves many of us skeptical."

10-5-2004 U.S. Job Cuts at 8-Month High in Sept.

The September figure was the largest since January 2004, when employers laid off 117,556 workers.



9-12-2004 Rosy outlook from Greenspan fa...o sway many economists

The upbeat outlook from Greenspan has failed to convince many economists, who argue that the United States is likely to see tepid growth at best in the near future.

Greenspan on Wednesday said the economy appears to be weathering a slowdown related to the steep rise in oil prices, arguing that the expansion "has regained some traction."

But some experts say Greenspan may be putting the best possible spin on an economy that is just muddling through.

Avery Shenfeld, senior economist at CIBC World Markets, said Greenspan's comments to lawmakers were more upbeat than the central bank's Beige Book report the same day.

Shenfeld said there may be some political reasons for Greenspan's outlook, with President George W. Bush facing a tough re-election challenge.

"The Fed chairman is not above politics,"said Shenfeld, who argues that the central bank has put itself in the position of boosting rates weeks before the presidential election or acknowledging that the economy is faltering.

To skip a September rate hike, "Greenspan would have to acknowledge more meaningful concerns about the direction of the economy, testimony that would be immediate fodder for (Democratic presidential candidate John) Kerry's campaign," said Shenfeld.

More bluntly, Morgan Stanley chief economist Stephen Roach said there is little to back up Greenspan's view on gaining traction.

A Wall Street Journal survey of 55 economists indicated most are downgrading their forecasts

"Notice how we don't hear about the 'greatest economy in the past 20 years' anymore?" he said.

Didn't notice at first that this went back to Sept.
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Originally posted by: Condor
Originally posted by: dmcowen674
11-11-2004 Fla. Gets Boost From Hurricane Rebuilding

One person who is skeptical about the potential benefits of the storms is Gov. Jeb Bush.

The governor said the hurricanes could ultimately prove a drag on Florida's economy because of the high insurance deductibles many hurricane victims will pay. Some estimates put the out-of-pocket costs at more than $1 billion statewide.

"I do not believe ... that having four hurricanes is good economically for the state," Bush said. "It's impossible for me to imagine that that's a good idea."

11-3-2004 Factory Orders Fall for 2nd Straight Month

Orders placed with U.S. factories fell for the second consecutive month in September, .the first back-to-back decline in two years.. Demand dropped sharply for manufactured goods other than defense materials, the Commerce Department reported Wednesday.the first back-to-back decline in two years.

Students that Graduated from the 1999-2000 College Class are still out of work and those that did find jobs have been laid off:

10-27-2004 Work Force of 1999 Still Languishing

The day she graduated from Northeastern University, Liz Erk thought she had it made.

The Boston public relations firm where she interned during her senior year promoted Erk to a full-time employee. It was 1999, the economy was booming, and Erk's higher-ups told her she'd be a vice president in a few years.

But the past five years haven't brought slick suits or a corner office. By 2001, Erk found herself unemployed and struggling to make her rent, pay her utilities and feed her cats

when the economy started slumping in mid-2000, they found themselves facing layoffs and pay cuts.


10-18-2004Job Cuts in Tech Sector Soar 60% in Third Quarter With More To Come


10-11-2004 World Fears U.S. Economy Weakening

"There are fears that the U.S. economy may now finally weaken," said Benedikt Germanier, foreign exchange strategist at UBS in Zurich.


24,000 Jobs lost today 10-7-2004

10-7-2004 AT&T expands layoff plan, to cut 7,000 jobs

The company, which had cut about 5 percent of its 61,600 workers by the end of the second quarter, said the new cuts would bring the total reduction to 20 percent of its work force.

10-7-2004 Bank of America to Slash 17,000 Jobs

CHARLOTTE, N.C. - Bank of America Corp. said Thursday it will cut another 4,500 jobs beginning this month as a result of its merger with FleetBoston Financial Corp. and declining business in mortgages.

The 2.5 percent reduction of the work force, disclosed Thursday, comes on top of 12,500 layoffs that the bank previously said it expected to see from the mega-merger with FleetBoston, which went through earlier this year.


U.S. Rep. Barney Frank, D-Mass., a leading critic of the merger, said Thursday that the latest layoffs are a troubling counterpoint to the decision to move the wealth and investment management unit to Boston.

"Bank of America officials continue to maintain that we will have suffered no net job losses by early in 2006, but that is little solace to the people who are losing jobs now," Frank said in a prepared statement. "Furthermore, while Bank of America tells us there will be 'ebbs and flows' before we reach that point in 2006, a pattern of continuous 'ebbing' leaves many of us skeptical."

10-5-2004 U.S. Job Cuts at 8-Month High in Sept.

The September figure was the largest since January 2004, when employers laid off 117,556 workers.



9-12-2004 Rosy outlook from Greenspan fa...o sway many economists

The upbeat outlook from Greenspan has failed to convince many economists, who argue that the United States is likely to see tepid growth at best in the near future.

Greenspan on Wednesday said the economy appears to be weathering a slowdown related to the steep rise in oil prices, arguing that the expansion "has regained some traction."

But some experts say Greenspan may be putting the best possible spin on an economy that is just muddling through.

Avery Shenfeld, senior economist at CIBC World Markets, said Greenspan's comments to lawmakers were more upbeat than the central bank's Beige Book report the same day.

Shenfeld said there may be some political reasons for Greenspan's outlook, with President George W. Bush facing a tough re-election challenge.

"The Fed chairman is not above politics,"said Shenfeld, who argues that the central bank has put itself in the position of boosting rates weeks before the presidential election or acknowledging that the economy is faltering.

To skip a September rate hike, "Greenspan would have to acknowledge more meaningful concerns about the direction of the economy, testimony that would be immediate fodder for (Democratic presidential candidate John) Kerry's campaign," said Shenfeld.

More bluntly, Morgan Stanley chief economist Stephen Roach said there is little to back up Greenspan's view on gaining traction.

A Wall Street Journal survey of 55 economists indicated most are downgrading their forecasts

"Notice how we don't hear about the 'greatest economy in the past 20 years' anymore?" he said.

Didn't notice at first that this went back to Sept.

Does that matter, is this now the best the Economy has done in 20 years???