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...lost surplus may also be hurting the economy--and hitting Americans in the wallet. Despite Federal Reserve Board Chairman Alan Greenspan's seven short-term interest-rate cuts, long-term rates--the ones that govern home mortgages--have hardly budged. The reason: those rates are set not by the Fed but by bond traders, many of whom are clearly spooked by economic uncertainty and anticipate more government borrowing in the future. Mortgage rates, though fairly low, could be lower--and if they were, even more Americans would be refinancing their mortgages and getting back hundreds of dollars a month...
...Canadian software company named Corel. For U.S. tournaments, it went with lucy.com which has folded. After another sponsorless year, the WTA finally signed with Sanex, which is some kind of European soap. "Places were selling out, and they still couldn't get a sponsor," Davenport says. "Players were getting fed up. As far as a leader of women's tennis, they've totally failed us. Nobody has helped us get there except the players. The success is pure luck...
Though the Fed voiced concern about sagging corporate profits and the slowdown in capital spending, there are some encouraging signals. The index of leading economic indicators was up for the fourth month in a row in July. The country is still essentially at full employment, and manufacturing (excluding technology) is showing signs of stabilizing. Given all that, strategists such as Steve Young of Banc of America Capital Management have confidence the economy is in the "bottoming-out process." That bodes well for U.S. equities...
...There?s more than share prices riding on the consumer's wallet. Back in January, when Alan Greenspan officially put the nation on recession watch with the first of many interest-rate cuts, the recovery scenario was simple. Helped by Fed easing, businesses would need till the end of summer at the latest to deal with their post-bubble hangover by cutting production and payrolls; until then, American consumers - who make up two-thirds of U.S. economic activity - would have to carry us through...
...summer is over, and this economy needs its consumers more than ever. Business investment is still in precipitous decline. Inventory reduction may still have a long way to go. And the Fed is now seven rate cuts deep without having had any appreciable effect on either businesses? outlook or their stock prices. And the question on everyone?s lips, from Wall Street to the White House, is: Can consumers keep...