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Highlight Reel:1.Manufacturing and Labor: When it comes to automotive parts and major equipment in New England, folks ain't interested. Companies there reported double-digit sales declines since last winter, with some firms describing the market as "the worst they can remember." Nearly half of the manufacturers surveyed said they expect their profits to decline through the end of 2009. "The outlook," the Book notes, "is pessimistic." One Boston respondent told Fed officials that the economy's "bearish mood" has even spread to the higher-education sector. Staffing centers are gloomy on the East Coast; says one contact,"Everybody...
...coded language of central bankers that means inflation is a non-issue at the moment and that Europe's monetary czars are now focused on ensuring that there is enough liquidity in circulation to keep the economy moving. With prices for oil and other major commodities falling, Trichet predicts a sharp drop in the inflation rate to between 1.1% and 1.7% next year from 3.2% to 3.4% this year. "This is a very significant rejection of everything that they've said before," said Jörg Krämer, chief economist at Commerzbank. "There will be a further interest rate...
...Central Intelligence Agency, and the Federal Bureau of Investigation. “That’s a very complex enterprise to operate—my job is to make sure it’s integrated. McConnell said that the lack of communication among these separate agencies has been a major weakness in American intelligence since well before 2001, adding that “we designed our own system to make the attacks of 9/11 successful.” Still, he added that in recent years, the intelligence community has taken steps to make itself more effective...
...resisted tighter fuel-efficiency standards, continued to invest in gas-guzzling trucks and SUVs even as oil prices soared and given its union unsustainably generous deals on salary and benefits. "I don't believe this is a good idea, to take $25 billion and give it to the three major car companies, which I think have a business plan that's doomed to fail," Senator Lindsey Graham, a South Carolina Republican, told Fox News Sunday, adding that Republican members are not wild about the Democrats' demand that the Big Three present their plans to Congress. "The idea that you would...
...candle-lit shrines left by the public in vigil or camera crews surrounded by the vocal and vociferous crowd. They called for an inchoate assortment of things: the heads of bungling politicians, the end of taxes, the bombing of Pakistan. Similar rallies took place in all of India's major cities, echoing solidarity and outrage. "We're all Mumbaikars now," was a common refrain on both posters and lips...