9/11/04 2,749
Mark Twain: "Each nation knowing it has the only religion and the only sane system of government, each despising all the others, each an ass and not suspecting it."
Viktor Frankl: " We who lived in concentration camps can remember the men who walked through the huts comforting others, giving away their last piece of bread. They may have been few in number, but they offer sufficient proof that everything can be taken away from a man but one thing: the last of the human freedoms- to choose one’s attitude in any given set of circumstances, to choose one’s own way."
Henry Miller: "The world dies over and over again, but the skeleton always gets up and walks."
So many thoughts rushed through my mind on Sept. 11, 2001. In the darkness of night I recalled the words of Will Durant that "most of us spend too much time on the last twenty-four hours and too little time on the last six thousand years." My memory is pretty good but sometimes I forget details over a span of six thousand years. The point is that the terrorist attack by al-Qaeda did not just happen over night. Their hatred for the U.S. and Israel and others has been building for generations. It will not be eradicated through the elimination of bin Laden and al-Zawahiri. Through the multiplication of deadly cells, al-Qaeda has grown around the globe into a deadly force and is slowly morphing into a political party.
Hopefully, each and every day we will remember the 2,749 who perished in 9/11. We must learn from our mistakes. This terrorist attack could have been avoided. The warnings had been issued and ignored. That will not return the fallen to their loved ones and to their nation. We must think smarter. All terrorists are not Muslims. One half of our populace believes that Iraq conspired with al-Qaeda in the 9/11 attacks. Iraq is not the enemy. In fact, attacking Iraq only served the purposes of al-Qaeda. Without that invasion, there would not have been the Abu Ghuraib incidents of raping Muslim women and humiliating Muslim men. Those acts alone made our country more prone to terrorist attacks and increased the hatred for the U.S. in the eyes of Muslim nations.
It is despicable that 9/11 brought with it Homeland Security and the violation of the constitutional rights of all Americans. The President has assumed the almighty powers of Carnack the Magnificent. He is all knowing and all powerful and only he can determine who is an enemy combatant and take away your right to confer with lawyers and hold you for months in captivity-- all in the name of the terror card. We must think smarter. We must fight for our constitutional rights. A great many more Americans than 2,749 died fighting to protect those rights and those freedoms. We might consider the words of Bertrand Russell: "the whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts." We need to protect the memories of the 2,749. We need to protect our country from both terrorists and those who terrorize our rights in the name fighting threats. We must protect fellow Americans from those that swagger, which often masks a sign of insecurity and the daily stench of the mideast sky streaked with the high price of evil.
Thursday, September 09, 2004
9/10/04 Big Day For Layoffs
Judge Walker, to my surprise, is permitting Oracle to proceed with the acquisition of PeopleSoft. If successful, Oracle has stated they would layoff 6,000 PeopleSoft employees. Alaska Air is letting go 900 workers. San Jose Medical Center is closing Dec. 9 and at least 450 workers will lose their jobs. Within the next three years. EDS may cut up to 17% of its workforce or 20,000 jobs. Oneida is closing its Sherrill, N.Y. plant and cutting 500 jobs. Dean Foods will close its Benton Harbor, MI plant but did not mention the number to lose their jobs.
George Akerlof, winner of the 2001 Nobel Prize in Economics: "I think this is the worst government the U.S. has ever had in its more than 200 years of history. It has engaged in extraordinarily irresponsible policies not only in foreign and economic but also in social and environmental policy."
According to Kaiser Family Foundation, health premiums rose five times faster than U.S. workers' salaries this year. In 2003, 15.6% of the population went without health insurance. In 2004, 61% of the people received health coverage at work, down from 65% in 2001.
U.S. gasoline supplies were down 2.5 million barrels last week, according to the Energy Dept. For the week ended Sept. 3, crude supplies were down 1.4 million barrels.
Auto inventories rose 2.3% in July, their largest monthly gain since December 2003.
Stocks on hand at wholesalers rose 1.3% in July. With the strength in household spending suspect, higher inventories most likely will lead to increased promotional activities on the part of retailers.
In 2000, 58% of working women voted for Gore and 39% for Bush. Nearly 8 million more women voted in 2000 than men.
Herbert Hoover: "Free speech does not live many hours after free industry and free commerce die." Our freedoms dwindle with the escalation of twin tower deficits. We answer to China and Japan as they help fund our government's irresponsible spending habits. The Administration and the Congress are no better than those strung out on heroin.
Herbert Hoover tried in vain to hang on to "our American system" and attempted to preserve the foundation of our liberties. FDR was committed to government intervention in the economy, and with his victory in 1932, our way of life has not been the same.
Since Bush took office, jobs have been lost and incomes have fallen and continue to fall.
The House voted to overturn the Labor Dept's new overtime rules.
After reporting disappointing earnings for the past six months, Alcoa warned that results for this quarter would fall far short of estimates.
AutoNation cut its 2004 outlook. About 30% of its operating profits are generated in Florida. The state accounts for 8% of Ford's total U.S. sales. Ivan is expected to reach Florida on Sunday.
The PPI dipped 0.1% in August. Our imports fell in July, the first time in nearly a year. This is another sign of the consumer pulling back on spending.
Judge Walker, to my surprise, is permitting Oracle to proceed with the acquisition of PeopleSoft. If successful, Oracle has stated they would layoff 6,000 PeopleSoft employees. Alaska Air is letting go 900 workers. San Jose Medical Center is closing Dec. 9 and at least 450 workers will lose their jobs. Within the next three years. EDS may cut up to 17% of its workforce or 20,000 jobs. Oneida is closing its Sherrill, N.Y. plant and cutting 500 jobs. Dean Foods will close its Benton Harbor, MI plant but did not mention the number to lose their jobs.
George Akerlof, winner of the 2001 Nobel Prize in Economics: "I think this is the worst government the U.S. has ever had in its more than 200 years of history. It has engaged in extraordinarily irresponsible policies not only in foreign and economic but also in social and environmental policy."
According to Kaiser Family Foundation, health premiums rose five times faster than U.S. workers' salaries this year. In 2003, 15.6% of the population went without health insurance. In 2004, 61% of the people received health coverage at work, down from 65% in 2001.
U.S. gasoline supplies were down 2.5 million barrels last week, according to the Energy Dept. For the week ended Sept. 3, crude supplies were down 1.4 million barrels.
Auto inventories rose 2.3% in July, their largest monthly gain since December 2003.
Stocks on hand at wholesalers rose 1.3% in July. With the strength in household spending suspect, higher inventories most likely will lead to increased promotional activities on the part of retailers.
In 2000, 58% of working women voted for Gore and 39% for Bush. Nearly 8 million more women voted in 2000 than men.
Herbert Hoover: "Free speech does not live many hours after free industry and free commerce die." Our freedoms dwindle with the escalation of twin tower deficits. We answer to China and Japan as they help fund our government's irresponsible spending habits. The Administration and the Congress are no better than those strung out on heroin.
Herbert Hoover tried in vain to hang on to "our American system" and attempted to preserve the foundation of our liberties. FDR was committed to government intervention in the economy, and with his victory in 1932, our way of life has not been the same.
Since Bush took office, jobs have been lost and incomes have fallen and continue to fall.
The House voted to overturn the Labor Dept's new overtime rules.
After reporting disappointing earnings for the past six months, Alcoa warned that results for this quarter would fall far short of estimates.
AutoNation cut its 2004 outlook. About 30% of its operating profits are generated in Florida. The state accounts for 8% of Ford's total U.S. sales. Ivan is expected to reach Florida on Sunday.
The PPI dipped 0.1% in August. Our imports fell in July, the first time in nearly a year. This is another sign of the consumer pulling back on spending.
9/9/04 Muted Economic Growth, Household Spending, and Inflation
The Fed beige book: "Several districts indicated that the pace has slowed since their last reports... household spending was reported to have softened in many parts of the nation... wage pressures remain modest... consumer prices were generally flat or up modestly."
Greenspan: "Despite the rise in oil prices through mid-August, inflation and inflation expectations have eased."
The story remains the same. The money continues to be made owning 10 year Treasury bonds. The yield yesterday wa 4.16%.
Cisco's John Chambers stated he expected most of his company's competitors to be Asian in 5 years time. That will translate into lower prices and smaller margins for Cisco.
Sara Lee will close its bakery in Ft. Payne, Alabama, and about 80 workers will be impacted. The Walker Systems plant in Williamstown, W VA is closing and 235 hourly and 75 salaried workers will be effected. Dean Foods will close its St. Joseph, MI plant and 45 workers will lose their jobs.
Retired Army LT Colonel Carlo D'Este: "There is no visible light at the end of the tunnel, nor has the Bush Administration articulated a viable exit strategy, without which the war will continue indefinitely- that is, years."
Lt. Col. Jerry Killian's Aug. 1, 1972 memo: "On this date I ordered that 1st LT. Bush be suspended from flight status due to failure to perform to USAF/TexANG standards and failure to meet annual physical examination...as ordered." On Aug. 18, 1973 Killian wrote "Bush was not here during rating period and I don't have any comments from 187th in Alabama. I will not rate." This is the real picture of this nation's Commander in Chief: does not follow orders, is suspended, and is not rated. His next in line, Cheney, had five deferments and never served. It's no wonder there is "no light at the end of the tunnel" in Iraq.
Export prices fell 0.5% in August compared with a revised 0.5% rise in July. Lower export prices combined with higher import prices for crude can do a number on a company's net profit margins.
The number of former workers continuing to receive state unemployment benefits rose by 20,000 to 2.9 million in the week ending Aug. 29.
The Fed beige book: "Several districts indicated that the pace has slowed since their last reports... household spending was reported to have softened in many parts of the nation... wage pressures remain modest... consumer prices were generally flat or up modestly."
Greenspan: "Despite the rise in oil prices through mid-August, inflation and inflation expectations have eased."
The story remains the same. The money continues to be made owning 10 year Treasury bonds. The yield yesterday wa 4.16%.
Cisco's John Chambers stated he expected most of his company's competitors to be Asian in 5 years time. That will translate into lower prices and smaller margins for Cisco.
Sara Lee will close its bakery in Ft. Payne, Alabama, and about 80 workers will be impacted. The Walker Systems plant in Williamstown, W VA is closing and 235 hourly and 75 salaried workers will be effected. Dean Foods will close its St. Joseph, MI plant and 45 workers will lose their jobs.
Retired Army LT Colonel Carlo D'Este: "There is no visible light at the end of the tunnel, nor has the Bush Administration articulated a viable exit strategy, without which the war will continue indefinitely- that is, years."
Lt. Col. Jerry Killian's Aug. 1, 1972 memo: "On this date I ordered that 1st LT. Bush be suspended from flight status due to failure to perform to USAF/TexANG standards and failure to meet annual physical examination...as ordered." On Aug. 18, 1973 Killian wrote "Bush was not here during rating period and I don't have any comments from 187th in Alabama. I will not rate." This is the real picture of this nation's Commander in Chief: does not follow orders, is suspended, and is not rated. His next in line, Cheney, had five deferments and never served. It's no wonder there is "no light at the end of the tunnel" in Iraq.
Export prices fell 0.5% in August compared with a revised 0.5% rise in July. Lower export prices combined with higher import prices for crude can do a number on a company's net profit margins.
The number of former workers continuing to receive state unemployment benefits rose by 20,000 to 2.9 million in the week ending Aug. 29.
Wednesday, September 08, 2004
9/8/04 Show Me The High-Paying JobsMissouri endured the worst job losses in the nation in July as the state lost 51,800 positions or 1.9% of its seasonally adjusted non-farm payroll. In St. Louis the unemployment rate rose to 6.5%. If you lived in Missouri, would you vote for Bush?Over the past 12 months, the total non-farm payrolls in Texas and Colorado have risen only 1.1%. That is certainly less than had been anticipated by the Bush Administration.Mark Zandi: "The job market is still very weak. Employers have the upper hand in any negotiation with employees, and that's weighing on compensation, particularly take home pay."In August, the average duration of unemployment without work was 19 weeks, compared with 18.6 weeks in July. This is mission accomplished?Peter Morici, an economist and professor of international business at the University of Maryland, stated "more workers will be compelled to accept positions without health benefits, and benefit packages, generally, will continue to deteriorate."The survey by Challenger, Gray, & Christmas found employers announced plans to cut 74,150 jobs in August, up 6.6% from July's announced layoffs. At the same time, employers announced plans to hire 132,105 workers in the weeks and months ahead, of which 83,450 would come from retailers and reflect the upcoming holiday season. They stated "many of those jobs may disappear by February." Importantly, Challenger added "there probably has never been a time when companies were this cautious to add workers in a recovery. There is undoubtedly a lot of concern about the fragile state of this recovery."Herbert Hoover on Sept. 17, 1928: "This recovery and this stability are no accident. It has not been achieved by luck. Were it not for sound governmental policies and wise leadership, employment conditions in America would be similar to those existing in many other parts of the world."George W. Bush on Aug. 9, 2004: "Let me put it to you bluntly. In a changing world, we want more people to have control over your own life."George W. Bush on Feb. 19, 2004: "Recession means that people's incomes, at the employer level, are going down, basically, relative to costs, people are getting laid off." Hoover could not have said it better.Since invading Iraq in March 2003, there have been a total of 1,002 military deaths. Every evening Bush and Cheney go to bed, I hope they see blood on their hands. They are personally responsible for sending our troops into harms way and invading Iraq and for "misspeaking" about the WMD. They went to the Congress for authorization to invade, and that authorization should never have taken place without a strong coalition of foreign nations accompanied by superior intelligence. In addition to the fallen 1,002, which grows each day, we have almost 7,000 wounded troops, and that does not include those impacted psychologically by the horrors of war. To re-elect these two would be to risk nightmares from blood on your hands. That's what your vote will get you.Delta Airlines will cut up to 10% of their workforce or 7,000 jobs in 18 months in an effort to avoid filing for bankruptcy.Ford will end the second of its two production shifts at its suburban St. Louis assembly plant effective Jan. 3, 2005. A total of 800 jobs will be eliminated.Alcan will close its Mays Landing, N.J. plastics manufacturing plant on October 3, and 74 jobs will be cut.
9/8/04 Show Me The High-Paying JobsMissouri endured the worst job losses in the nation in July as the state lost 51,800 positions or 1.9% of its seasonally adjusted non-farm payroll. In St. Louis the unemployment rate rose to 6.5%. If you lived in Missouri, would you vote for Bush?Over the past 12 months, the total non-farm payrolls in Texas and Colorado have risen only 1.1%. That is certainly less than had been anticipated by the Bush Administration.Mark Zandi: "The job market is still very weak. Employers have the upper hand in any negotiation with employees, and that's weighing on compensation, particularly take home pay."In August, the average duration of unemployment without work was 19 weeks, compared with 18.6 weeks in July. This is mission accomplished?Peter Morici, an economist and professor of international business at the University of Maryland, stated "more workers will be compelled to accept positions without health benefits, and benefit packages, generally, will continue to deteriorate."The survey by Challenger, Gray, & Christmas found employers announced plans to cut 74,150 jobs in August, up 6.6% from July's announced layoffs. At the same time, employers announced plans to hire 132,105 workers in the weeks and months ahead, of which 83,450 would come from retailers and reflect the upcoming holiday season. They stated "many of those jobs may disappear by February." Importantly, Challenger added "there probably has never been a time when companies were this cautious to add workers in a recovery. There is undoubtedly a lot of concern about the fragile state of this recovery."Herbert Hoover on Sept. 17, 1928: "This recovery and this stability are no accident. It has not been achieved by luck. Were it not for sound governmental policies and wise leadership, employment conditions in America would be similar to those existing in many other parts of the world."George W. Bush on Aug. 9, 2004: "Let me put it to you bluntly. In a changing world, we want more people to have control over your own life."George W. Bush on Feb. 19, 2004: "Recession means that people's incomes, at the employer level, are going down, basically, relative to costs, people are getting laid off." Hoover could not have said it better.Since invading Iraq in March 2003, there have been a total of 1,002 military deaths. Every evening Bush and Cheney go to bed, I hope they see blood on their hands. They are personally responsible for sending our troops into harms way and invading Iraq and for "misspeaking" about the WMD. They went to the Congress for authorization to invade, and that authorization should never have taken place without a strong coalition of foreign nations accompanied by superior intelligence. In addition to the fallen 1,002, which grows each day, we have almost 7,000 wounded troops, and that does not include those impacted psychologically by the horrors of war. To re-elect these two would be to risk nightmares from blood on your hands. That's what your vote will get you.Delta Airlines will cut up to 10% of their workforce or 7,000 jobs in 18 months in an effort to avoid filing for bankruptcy.Ford will end the second of its two production shifts at its suburban St. Louis assembly plant effective Jan. 3, 2005. A total of 800 jobs will be eliminated.Alcan will close its Mays Landing, N.J. plastics manufacturing plant on October 3 and 74 jobs will be cut.
Tuesday, September 07, 2004
9/8/04 Show Me The High-Paying Jobs
Missouri endured the worst job losses in the nation in July as the state lost 51,800 positions or 1.9% of its seasonally adjusted non-farm payroll. In St. Louis the unemployment rate rose to 6.5%. If you lived in Missouri, would you vote for Bush?
Over the past 12 months, the total non-farm payrolls in Texas and Colorado have risen only 1.1%. That is certainly less than had been anticipated by the Bush Administration.
Mark Zandi: "The job market is still very weak. Employers have the upper hand in any negotiation with employees, and that's weighing on compensation, particularly take home pay."
In August, the average duration of unemployment without work was 19 weeks, compared with 18.6 weeks in July. This is mission accomplished?
Peter Morici, an economist and professor of international business at the University of Maryland, stated "more workers will be compelled to accept positions without health benefits, and benefit packages, generally, will continue to deteriorate."
The survey by Challenger, Gray, & Christmas found employers announced plans to cut 74,150 jobs in August, up 6.6% from July's announced layoffs. At the same time, employers announced plans to hire 132,105 workers in the weeks and months ahead, of which 83,450 would come from retailers and reflect the upcoming holiday season. They stated "many of those jobs may disappear by February." Importantly, Challenger added "there probably has never been a time when companies were this cautious to add workers in a recovery. There is undoubtedly a lot of concern about the fragile state of this recovery."
Herbert Hoover on Sept. 17, 1928: "This recovery and this stability are no accident. It has not been achieved by luck. Were it not for sound governmental policies and wise leadership, employment conditions in America would be similar to those existing in many other parts of the world."
George W. Bush on Aug. 9, 2004: "Let me put it to you bluntly. In a changing world, we want more people to have control over your own life."
George W. Bush on Feb. 19, 2004: "Recession means that people's incomes, at the employer level, are going down, basically, relative to costs, people are getting laid off." Hoover could not have said it better.
Since invading Iraq in March 2003, there have been a total of 1,002 military deaths. Every evening Bush and Cheney go to bed, I hope they see blood on their hands. They are personally responsible for sending our troops into harms way and invading Iraq and for "misspeaking" about the WMD. They went to the Congress for authorization to invade, and that authorization should never have taken place without a strong coalition of foreign nations accompanied by superior intelligence. In addition to the fallen 1,002, which grows each day, we have almost 7,000 wounded troops, and that does not include those impacted psychologically by the horrors of war. To re-elect these two would be to risk nightmares from blood on your hands. That's what your vote will get you.
Delta Airlines will cut up to 10% of their workforce or 7,000 jobs in 18 months in an effort to avoid filing for bankruptcy.
Ford will end the second of its two production shifts at its suburban St. Louis assembly plant effective Jan. 3, 2005. A total of 800 jobs will be eliminated.
Alcan will close its Mays Landing, N.J. plastics manufacturing plant on October 3 and 74 jobs will be cut.
Missouri endured the worst job losses in the nation in July as the state lost 51,800 positions or 1.9% of its seasonally adjusted non-farm payroll. In St. Louis the unemployment rate rose to 6.5%. If you lived in Missouri, would you vote for Bush?
Over the past 12 months, the total non-farm payrolls in Texas and Colorado have risen only 1.1%. That is certainly less than had been anticipated by the Bush Administration.
Mark Zandi: "The job market is still very weak. Employers have the upper hand in any negotiation with employees, and that's weighing on compensation, particularly take home pay."
In August, the average duration of unemployment without work was 19 weeks, compared with 18.6 weeks in July. This is mission accomplished?
Peter Morici, an economist and professor of international business at the University of Maryland, stated "more workers will be compelled to accept positions without health benefits, and benefit packages, generally, will continue to deteriorate."
The survey by Challenger, Gray, & Christmas found employers announced plans to cut 74,150 jobs in August, up 6.6% from July's announced layoffs. At the same time, employers announced plans to hire 132,105 workers in the weeks and months ahead, of which 83,450 would come from retailers and reflect the upcoming holiday season. They stated "many of those jobs may disappear by February." Importantly, Challenger added "there probably has never been a time when companies were this cautious to add workers in a recovery. There is undoubtedly a lot of concern about the fragile state of this recovery."
Herbert Hoover on Sept. 17, 1928: "This recovery and this stability are no accident. It has not been achieved by luck. Were it not for sound governmental policies and wise leadership, employment conditions in America would be similar to those existing in many other parts of the world."
George W. Bush on Aug. 9, 2004: "Let me put it to you bluntly. In a changing world, we want more people to have control over your own life."
George W. Bush on Feb. 19, 2004: "Recession means that people's incomes, at the employer level, are going down, basically, relative to costs, people are getting laid off." Hoover could not have said it better.
Since invading Iraq in March 2003, there have been a total of 1,002 military deaths. Every evening Bush and Cheney go to bed, I hope they see blood on their hands. They are personally responsible for sending our troops into harms way and invading Iraq and for "misspeaking" about the WMD. They went to the Congress for authorization to invade, and that authorization should never have taken place without a strong coalition of foreign nations accompanied by superior intelligence. In addition to the fallen 1,002, which grows each day, we have almost 7,000 wounded troops, and that does not include those impacted psychologically by the horrors of war. To re-elect these two would be to risk nightmares from blood on your hands. That's what your vote will get you.
Delta Airlines will cut up to 10% of their workforce or 7,000 jobs in 18 months in an effort to avoid filing for bankruptcy.
Ford will end the second of its two production shifts at its suburban St. Louis assembly plant effective Jan. 3, 2005. A total of 800 jobs will be eliminated.
Alcan will close its Mays Landing, N.J. plastics manufacturing plant on October 3 and 74 jobs will be cut.
9/7/04 The "Joyless Recovery"
John Challenger: "The voters will draw their conclusion about the overall strength in the economy based almost entirely on whether they and/or their neighbors will be out of work."
Grand Vehicle Works, which makes bodies for walk-in trucks such as the ones UPS uses, will close its Union City, Indiana plant in October. About 120 people will be impacted.
John Silvia, chief economist for Wachovia Securities: "When we want rugs, curtains, carpets, and textiles, we go to the store to buy them, and in the past they would come from NC, SC, and GA. But now they come from China. We have to figure out how to get people back to work in a globally competitive environment."
Alitalia to lay off 5,000 workers.
According to the Census Bureau, in 1969, Michigan's median income was 18% above the national average. By 2003, the figure was less than 4% above the national average and still dropping. Over the past 12 onths, Michigan's average weekly wages grew less than 1% while inflation has been running over twice that rate. The state's 6.8% unemployment rate in July ties it with Oregon for the nation's second worst behind Alaska.
It is customary for paychecks to grow as an economy grows after a recession. It has been three years since the recession ended, and under Bush, this has not taken place and that's one reason some economists call this a "joyless economy." Only a masochist would want another four joyless years.
Arizona Republic's E.J. Montini: "Only 20% of all eligible voters are expected to cast a ballot in our city... almost 3,000 were killed in N.Y., Washington D.C., and Pennsylvania, and 80% of us have nothing to say about who will run the show. More than 1,000 U.S. service members have died in Afghanistan and Iraq, where we hope to spread democracy, while democracy reaches one in five of us here."
John Challenger: "The voters will draw their conclusion about the overall strength in the economy based almost entirely on whether they and/or their neighbors will be out of work."
Grand Vehicle Works, which makes bodies for walk-in trucks such as the ones UPS uses, will close its Union City, Indiana plant in October. About 120 people will be impacted.
John Silvia, chief economist for Wachovia Securities: "When we want rugs, curtains, carpets, and textiles, we go to the store to buy them, and in the past they would come from NC, SC, and GA. But now they come from China. We have to figure out how to get people back to work in a globally competitive environment."
Alitalia to lay off 5,000 workers.
According to the Census Bureau, in 1969, Michigan's median income was 18% above the national average. By 2003, the figure was less than 4% above the national average and still dropping. Over the past 12 onths, Michigan's average weekly wages grew less than 1% while inflation has been running over twice that rate. The state's 6.8% unemployment rate in July ties it with Oregon for the nation's second worst behind Alaska.
It is customary for paychecks to grow as an economy grows after a recession. It has been three years since the recession ended, and under Bush, this has not taken place and that's one reason some economists call this a "joyless economy." Only a masochist would want another four joyless years.
Arizona Republic's E.J. Montini: "Only 20% of all eligible voters are expected to cast a ballot in our city... almost 3,000 were killed in N.Y., Washington D.C., and Pennsylvania, and 80% of us have nothing to say about who will run the show. More than 1,000 U.S. service members have died in Afghanistan and Iraq, where we hope to spread democracy, while democracy reaches one in five of us here."
Monday, September 06, 2004
9/6/04 The Case Of The Disappearing Consumer
You are probably thinking I'm either joking or being a bit dramatic. Actually, I'm quite serious. I make a point of studying Wal-Mart. I've been doing it for three decades. Everyone knows the consumer is feeling pinched from higher gasoline prices and a challenging, at best, job market. Everyone knows that, according to the BLS, 80% of wages for non-farm workers fell in the past three months. It's not just that sales at Wal-Mart continue to be disappointing but the recent trend has been strength in food and health and beauty products rather than general merchandise, and the latter takes up the majority of the floor space in their stores. In fact, the sale of general merchandise was down in August at Wal-Mart. When was the last time this occurred? I couldn't begin to tell you. Obviously, it was a very long time ago. Economists will focus on the latest jobs report. In my view, they are missing the real story, and that can be found at Wal-Mart.
Ford is delaying shipment of three new vehicles. Ford Division dealer pretax profits are down 8% through July.
A car bomb near Falluja killed 7 American marines. According to the Pentagon, the death toll for U.S. personnel has reached at least 985 since we invaded Iraq.
Stephen Klineberg, a Rice University sociology professor and director of the Houston Area Survey for 23 years on the economy and social issues: "The old blue-collar path to economic security has disappeared. We've lost all those blue-collar jobs where you can leave high school with a diploma and earn a middle-class wage. Never again. We have a two-tiered emerging hourglass economy. There really are two Americas out there."
In July 2004, Pennsylvania had 81,300 fewer jobs than when the recession began in March 2001. The state's job creation performance after the 2001 recession is the fourth worst since WW II. In July 2004, the state had 151,600 fewer manufacturing jobs than when the recession started, an 18% loss. The average wage of production workers was lower in July 2004 than in any of the previous three years. It is a dollar lower than the national average. Employment in the state's high-wage industries has fallen 5.6% over the last three years while employment in low-wage industries has grown by 2.9%. If you lived in Pennsylvania, would you vote for Bush?
According to the BLS, ex-factory workers are the least likely of all workers to find new full-time jobs, and a third of them will eventually accept work for less pay, often 20% less, with less generous benefits. Over the last five years, about 210,000 Michigan factory workers have lost their jobs. Do you think they'll be voting for Bush? Three years ago, Michigan Works, the state agency that helps people find jobs, put 69 different factory jobs on its "declining occupation list," which is about half of the 140 careers that are waning in Michigan.
Herbert Hoover: "About the time we think we can make ends meet, somebody moves the ends."
Bush: "I know how hard it is to put food on your family." Hoover couldn't have said it better.
You are probably thinking I'm either joking or being a bit dramatic. Actually, I'm quite serious. I make a point of studying Wal-Mart. I've been doing it for three decades. Everyone knows the consumer is feeling pinched from higher gasoline prices and a challenging, at best, job market. Everyone knows that, according to the BLS, 80% of wages for non-farm workers fell in the past three months. It's not just that sales at Wal-Mart continue to be disappointing but the recent trend has been strength in food and health and beauty products rather than general merchandise, and the latter takes up the majority of the floor space in their stores. In fact, the sale of general merchandise was down in August at Wal-Mart. When was the last time this occurred? I couldn't begin to tell you. Obviously, it was a very long time ago. Economists will focus on the latest jobs report. In my view, they are missing the real story, and that can be found at Wal-Mart.
Ford is delaying shipment of three new vehicles. Ford Division dealer pretax profits are down 8% through July.
A car bomb near Falluja killed 7 American marines. According to the Pentagon, the death toll for U.S. personnel has reached at least 985 since we invaded Iraq.
Stephen Klineberg, a Rice University sociology professor and director of the Houston Area Survey for 23 years on the economy and social issues: "The old blue-collar path to economic security has disappeared. We've lost all those blue-collar jobs where you can leave high school with a diploma and earn a middle-class wage. Never again. We have a two-tiered emerging hourglass economy. There really are two Americas out there."
In July 2004, Pennsylvania had 81,300 fewer jobs than when the recession began in March 2001. The state's job creation performance after the 2001 recession is the fourth worst since WW II. In July 2004, the state had 151,600 fewer manufacturing jobs than when the recession started, an 18% loss. The average wage of production workers was lower in July 2004 than in any of the previous three years. It is a dollar lower than the national average. Employment in the state's high-wage industries has fallen 5.6% over the last three years while employment in low-wage industries has grown by 2.9%. If you lived in Pennsylvania, would you vote for Bush?
According to the BLS, ex-factory workers are the least likely of all workers to find new full-time jobs, and a third of them will eventually accept work for less pay, often 20% less, with less generous benefits. Over the last five years, about 210,000 Michigan factory workers have lost their jobs. Do you think they'll be voting for Bush? Three years ago, Michigan Works, the state agency that helps people find jobs, put 69 different factory jobs on its "declining occupation list," which is about half of the 140 careers that are waning in Michigan.
Herbert Hoover: "About the time we think we can make ends meet, somebody moves the ends."
Bush: "I know how hard it is to put food on your family." Hoover couldn't have said it better.
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