Gary Secondino: Financial

Speculation and Emotionalism

Sun, 06 Apr 2003 14:16:49 GMT

Analysis: Dollar buoyed as allied troops move closer to Baghdad. Gulf News - Financial markets remained on high alert and took their cue from any news coming out of Iraq. Markets drove the dollar higher on news of US troops advancement closer towards Baghdad, significantly ignoring weak US economic data.
US stocks likely to open on higher note Economic Times
Another quiet session as traders wait for war news Business Times
Newsday

Museums Find New Income

Wed, 02 Apr 2003 21:45:28 GMT

Two leading outdoor history museums are turning to commercial real estate development as a way of adding income. By Maureen Milford. [New York Times: Business]

Asleep at the Wheel?

Wed, 19 Mar 2003 16:39:33 GMT

Treasurys Continue Decline Amid War Moves and Fed Inaction. Treasury prices slipped further Tuesday on a war-induced hangover and the decision by the Federal Reserve to keep short-term interest rates on hold while also refraining from declaring itself on the risks facing the economy.

Dollar gains as Iraq conflict looms large

Wed, 19 Mar 2003 16:05:44 GMT

The dollar rose to its highest levels in a month against the yen and advanced versus the euro on Wednesday, as a seemingly imminent attack against Iraq prompted expectations of a rapid conclusion to a war.

Mark my words, this is only a temporary gain, as the Iraq war is prosecuted the dollar will come under attack and will sharply loose value against other currencies. There stands a very real chance that the US will fall into a depression.

US housing sec'y: Reviewing Fannie, Freddie oversight

Tue, 11 Mar 2003 16:46:30 GMT

U.S. Housing and Urban Development Secretary Mel Martinez said on Tuesday he is reviewing how his agency oversees the nation's top two mortgage finance companies, Fannie Mae (NYSE:FNM - News) and Freddie Mac (NYSE:FRE - News).

Troop Movement Could Cost $25 Billion, Congressional Office Finds

Sat, 08 Mar 2003 11:15:02 GMT

New York Times - The Congressional Budget Office estimated today that simply sending troops and equipment to the Persian Gulf to fight Iraq and returning them home would cost nearly $25 billion and that the total cost of a potential ...
$1.82T Deficit Predicted in Bush Budget Washington Post

Economic View: How to grow old gracefully

Sun, 02 Mar 2003 17:21:25 GMT

We are all getting older, but some of us are getting older faster than others. Three news items last week highlighted the impact of changing demography on the world economy: the latest United Nations estimates of population change; some testimony from Alan Greenspan, chairman of the Federal Reserve Board, to the US Senate on the implications of aging.
Psssst, Greenspan Is Not God, Pass It On Forbes
US is graying, Greenspan warns Taipei Times
Toronto Star - Boston.com

Mr. Greenspan is not a god, right. But I think he is a man with a pragmatic view of the world and the platform to express his view. If you follow his public statements you'll see he speaks his mind with consideration to the politics of the then current administration. Lately though his public comments appear to be increasingly at odds with the Bush administration. His remarks seem to be warning signals to the US about current domestic fiscal problems, a bleak economic future if changes are not made, and what those changes should be. I think Mr. Greenspan is in his endgame and will not be back for another term and this is his way of giving us a path to return to financial growth and fiscal responsibility.

Or perhaps Mr. Greenspan has recognized this administrations "politics is war and winning is everything" motto combined with their discompassionate approach to managing the assets of the United States for now and into the future and he disagrees and has spoken up. I believe Mr. Greenspan when he says "large deficits matter". The right answer, as everyone knows, is to not have deficit spending at all! Paying back every deficit dollar spent includes interest which is real money that's taken out of our economy. When that happens It hurts everyone except the rich. The poor and the retired on fixed income are hurt the most and that simply is not the action of a compassionate or responsible government.

Sen. Patty Murry: Bush Tax Plan Fails Families

Sun, 02 Mar 2003 15:09:05 GMT

While Bush claims the plan will provide an average tax reduction of $1,000, "what he doesn't say is that half of all taxpayers would get less than a hundred dollars," she said. "Our economy is in a hole, but rather than looking for a ladder, the president is reaching for a bigger shovel."

No light at end of economic tunnel

Sun, 02 Mar 2003 14:59:58 GMT

Glenn Hubbard has resigned as chairman of the Council of Economic Advisers -- to spend more time with his family, of course. (Pay no attention to the knife handles protruding from his back.) Gregory Mankiw, his successor, is a very good economist, but never mind: When the political apparatchiks who make all decisions in this administration want Mankiw's opinion, they'll tell Mankiw what it is.

Turks Try Anal Probe On Bush

Wed, 19 Feb 2003 20:25:59 GMT

Turkey Demands $32 Billion U.S. Aid Package if It Is to Take Part in a War on Iraq. Turkish officials demand an economic aid package worth as much as $32 billion to ensure their participation in a war with Iraq. By Dexter Filkins with Eric Schmitt. [New York Times: Business]

Voodoo vs. 'Rubinomics

Mon, 17 Feb 2003 19:38:40 GMT

Large deficits matter.

Those three words sum up Alan Greenspan's testimony before Congress last week, testimony that will make it more difficult for the White House to get its proposed tax cuts enacted. That such an incontrovertible statement of basic economic thought could roil Washington and create problems for the Bush administration is an indication of how surreal, and cynical, budgetary politics have become.

The War On The Poor

Wed, 12 Feb 2003 18:10:34 GMT

by E.J. Dionne, Jr. After Secretary of State Colin Powell's powerful presentation at the United Nations on Wednesday, it's hard to doubt that the United States is on the verge of war with Saddam Hussein. Although many Americans still have qualms about this war, most agree with Powell that Saddam is both inhumane and dangerous. But there is a great difference between Churchill's war leadership and President Bush's. Churchill recognized that a time of war places a special obligation on the governing classes to those who benefit least from a nation's social and economic arrangements. Bush, on the other hand, is doing all he can to benefit the economic elites and, through stealth, to undercut government's commitments to the least fortunate. This not a liberal fantasy. Conservatives acknowledge that Bush's long-term goal is to reduce the federal government's capacity to act -- yes, to spend -- without saying so publicly. The large tax cuts the president has put on the table, conservative columnist Donald Lambro wrote candidly this week, “are, in effect, Mr. Bush's stealth initiative to curb future spending -- big time.” Exactly. And if you look carefully, most of the spending cuts will be in programs for the poor and near-poor. Read the full story

Sales taxes coming to a site near you

Thu, 06 Feb 2003 17:46:28 GMT

They're reluctant to admit it, but several large retailers have begun collecting sales tax on Internet purchases. A posting on Amazon, though, says the collections started this week. By Lisa M. Bowman, Staff Writer, CNET News.com. [CNET News.com]

U.S. Economy in Worst Hiring Slump in 20 Years

Thu, 06 Feb 2003 17:28:55 GMT

The United States economy has fallen into its worst hiring slump in almost 20 years, and business executives say they remain unsure when it will end. By David Leonhardt. [New York Times: Business]

Fight Looms Over Who Bears the Biggest Tax Burden

Tue, 14 Jan 2003 09:12:59 GMT

Much of the looming battle over President Bush's $674 billion tax plan will be over two starkly opposed views about who bears the tax burden in America and who should. By Edmund L. Andrews.
New York Times: Business

December Employment Losses Over 100,000

Sat, 11 Jan 2003 14:57:12 GMT

San Jose Mercury News - The nation continued to lose tens of thousands of jobs in December, the Labor Department reported Friday, jolting forecasters who had expected a modest upturn in employment and suggesting that American business remains highly pessimistic ...
US economy loses 101000 more jobs in December San Francisco Chronicle
Jobless rate stays at 6% after widespread Dec. cuts Chicago Sun Times
London Free Press - New Republic - Voice of America - South Bend Tribune - and 205 related »
Google Business News

Stimulate This!
Nobody seems willing to say it so I will, there will be no broadbased economic recovery while Republicans control the US political system. Forget about Dubya's 10 year plan, I've seen it before with Reagonomics, the poor get poorer, the middle class gets more financially squeezed, and the wealthy get more wealthy. It's a different time with the same result. It's sad to see so many people who voted Republican, end up poorer as a result.
In order to balance my heavy cynicism I truly hope I'm totaly wrong and everyone gets back to work quickly and then the US leads the world in overt compassion for the less fortunate. Time will tell.

Retail hiring brings dip in county's jobless rate

Sat, 14 Dec 2002 21:48:31 GMT

San Diego Union Tribune - San Diego's economy got a boost from holiday retail hiring in November, pushing the county's unemployment rate down to 4.1 percent, the state Employment Development Department said yesterday.
Scarcity of jobs plagues state San Francisco Chronicle
County jobless rate up to 16.2% Visalia Times-Delta
Sacramento Bee - KGO - KNBC-TV - Contra Costa Times - and 14 related »
Google Business News

US warns Iraq against using mass destruction weapons

Wed, 11 Dec 2002 11:07:35 GMT

Times of India - WASHINGTON: The United States warned Iraq and other potential foes Tuesday not to use any weapons of mass destruction (WMD) against US troops in the event of war, vowing to retaliate with ...
US Warns It Would Use N-Arms Salt Lake Tribune
US will use Nuclear Weapons in response to attack from WMD Hindustan Times
The Tallahassee Democrat - News Journal - Tyler Morning Telegraph - CNN - and 36 related »
Google World News

Pressure increases on Cardinal Law

Mon, 09 Dec 2002 16:52:43 GMT

CNN - Pressure on Cardinal Bernard Law to resign increased Sunday with a large protest planned at Holy Cross Cathedral and the circulation among Boston priests of a letter calling on their boss to step down.
Priest merely fits the mold Boston Globe
Church panel wants a few words with Law Chicago Sun Times
WKBW - New York Times - Washington Post - WCVB-TV - and 383 related »
Google US News

Churches warn of possible lawsuits

Mon, 09 Dec 2002 16:50:43 GMT

Los Angeles Daily News - Bracing for a new wave of sexual abuse lawsuits, the Archdiocese of Los Angeles warned parishioners in a letter read Sunday that a state law scheduled to take effect in January will allow alleged victims to revive decades-old claims against ...
From pulpit, priests challenge sex abuse law San Jose Mercury News
California Catholics face financial crisis BBC
Minneapolis Star Tribune - Centre Daily Times - WSET - Framingham Metro West Daily News - and 11 related »
Google US News

With Criticism Mounting, Cardinal Heads to Rome

Mon, 09 Dec 2002 16:49:02 GMT

New York Times - BOSTON, Dec. 8 Cardinal Bernard F. Law abruptly canceled his schedule this weekend and flew to Rome, as anger toward him mounted and some priests signed a draft of a letter calling for his resignation. A spokeswoman for the cardinal, Donna M.
Outspoken Newton priest gets ovation Boston Globe
Church Won't Explain Unscheduled Trip Washington Post
San Francisco Chronicle - Chicago Sun Times - MSNBC - The Battalion - and 496 related »
Google US News

He's in Rome to get his bosses stamp of approval to move the Boston Archdiocese into bankruptcy proceedings. Those documents from last week are loaded with smoking guns. I predict Bernard Law will be prosecuted for being an accessory to a crime.

Bush Gives Pink Slips

Mon, 09 Dec 2002 16:37:16 GMT

Newsday - Washington - With the national economy still wobbly, President George W. Bush forced the resignations Friday of his two top economic policy-makers, Treasury Secretary Paul O'Neill and presidential economic adviser Lawrence Lindsey.
Bush Cleans House Newsweek
Bush seeks economic answers Sydney Morning Herald
San Francisco Chronicle - Chicago Sun Times - Salt Lake Tribune - Boston Globe - and 682 related »
Google Business News

Out With the Old, and Waiting for the New (Tax Cuts)

Mon, 09 Dec 2002 16:33:42 GMT

What do the defenestrations of Paul H. O'Neill and Lawrence B. Lindsey reveal about the economy and the stock market? By Gretchen Morgenson.
New York Times: Business

If Tax History Is a Guide, the Poor Are in Trouble

Mon, 09 Dec 2002 16:32:17 GMT

The proposed changes to the income tax could result in a tax code that is more slanted against the poor than at any time in history. By Daniel Altman.
New York Times: Business

Personnel records show drug use, sex abuse by priests

Wed, 04 Dec 2002 20:45:11 GMT

Thousands of newly released personnel files show the Archdiocese of Boston went to great lengths to hide priests accused of abuse, including clergy who allegedly snorted cocaine and had sex with girls aspiring to be nuns.
The life of a violent South Shore priest is detailed Boston Globe
New Revelations In Boston Sex Scandal CBS News
Hampshire Gazette - WMUR-TV - New Zealand Herald - Sydney Morning Herald - and 208 related »
Google US News

The perversion and cover up is much greater than everyone imagined. Did Bernard Law break the LAW? Seems so to me. These latest revelations dragged from the Diocese by court order will, in my opinion, guarantee that the Boston Diocese will declare bankruptcy to limit the losses and protect assets. Which if that happens will further diminish the RC church. When are they gonna get it? Just come clean, get rid of the perpetrators and the administrators who covered it up, and make celibacy a personal choice between a priest and GOD. Why not do these things?