Word: slowdown
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...which has sent memory chip prices plummeting. Sweden's Ericsson, owned directly or indirectly by half of that country's population, has announced that it will lose as much as $510 million in the first quarter instead of breaking even as expected, in large part because of the U.S. slowdown...
...situation. Take the auto industry - please! Even if DaimlerChrysler didn't have to worry about its U.S. business, it would have to cope with what industry strategist Autopolis expects will be a 7% decline in European vehicle sales this year. Autopolis' Graeme Maxton explains that the global slowdown just happens to have coincided with a weak point in the auto cycle. After record sales for the past few years, consumers don't have to replace their shiny new cars for a while...
Indeed, both parties are trying to score political points from the economy's troubles. House majority leader Dick Armey is pushing for a higher tax cut than the $1.6 trillion Bush has proposed. The slowdown makes it more likely that tax cuts will come quicker and be retroactive to Jan. 1. But sliding stocks will make Bush's plan for Social Security accounts--ostensibly for stock investing--a tough sell...
...Japan is suddenly registering on Washington's radar screen again, it's because a Japan in free fall coupled with a U.S. slowdown could imperil the world's economy. A deflated yen, already at 20-month lows, could tilt the trade imbalance further in Japan's favor. And the noise of a bursting stock-market bubble heard across the U.S. last week sounded eerily similar to what Japan experienced a decade ago. "It wasn't a miracle for Japan in the 1980s," says Tadashi Nakamae, an economist who co-authored the alarmist tome Wake Up, Japan! "And it wasn...
...confidence dropped every time Bush or top aides gave gloomy forecasts--in November, when then vice presidential candidate Dick Cheney announced, "We may be on the front edge of a recession"; in January, when Treasury Secretary Paul O'Neill said, "There is no doubt that we are experiencing a slowdown"; and in February, when Bush claimed that "a warning light is flashing on the dashboard of our economy...