Word: marketeers
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Consumer spending by America's large middle class is an important indicator of economic recovery. GDP numbers from last quarter and opinions from the Federal Open Market Committee may not be as accurate an indicator of the health of the middle class economy as are the results of Starbucks last quarter...
...market continues to stage an improbable rally which should have been affected by concerns about the spread of the Swine flu virus and the fact that several large American banks may need tremendous infusions of capital. GDP numbers issued by the government were also shockingly bad. The economy contracted 6.1% in the first quarter which was more than any of the estimates of sane analysts. This GDP drop followed a drop of 6.3% in the last quarter of 2008. Experts tried to calm the masses by saying that some of the fall-off was due to a dip in inventories...
...thing to remember about smart people is how dumb they can be. Thousands, maybe millions, of IQ points went into creating a market for magical mortgage bonds that could only go up in value. Whoops...
...Because SOE revenues depend less on internal and external demand and more on government spending, Huang says, "the state sector can simply produce without regard to market demand whereas the private sector cannot. This is why in a situation like this when the market demand has just collapsed the only one that is left standing is the state sector...
...SOEs in heavy industries like steelmaking increase production at a time when ordinary market demand is falling, they could be driven to dump their products cheaply abroad when government spending stops. This could touch off protectionism in other countries, which would ultimately harm China, says Michael Pettis, a professor of finance at Peking University...