Word: manley
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Three days after announcing the policy, the government had to recant. Federal Industry Minister John Manley, met the press and told them that the public response was "clear" and "negative." He added that the subsidies were "dead and we will not be pursuing this any further...
...have the bond vigilantes lost their effectiveness? John Manley, a market analyst at Salomon Smith Barney, traces it to the stock market's wealth effect. "People have money," he says. "Why wouldn't they spend it?" If you're sitting on stock worth twice your dreams, it's unlikely that higher rates will keep you out of the mall. And consider: more folks can sell stock and pay cash for a boat, a car, even a house. If they don't have to borrow, interest rates are immaterial...
What should you own? If rates keep rising, the rotation into cyclical stocks like Alcoa and Caterpillar that began in April but stalled over the summer could regain momentum. "That play has been shaken but not yet disproved," notes John Manley, market strategist at Salomon Smith Barney. In the fixed-income world, short-term securities are best because they are easily held to maturity and rolled into higher-paying investments...
...Manley died Saturday afternoon after a fall from the 14th floor of his high-rise dormitory. Though he was rushed to Boston's Beth Israel Deaconess Medical Center, he was pronounced dead on arrival...
...Manley was originally from Tempe, Ariz...