Word: slowdown
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...American investors have become used to the cliché that Wall Street and Main Street are two very different places; right now it seems as if the City and the High Street aren't any closer. Then again, consider how surprised Wall Street professionals have been by the U.S. slowdown. It was only last November that they were predicting growth of 3.4% for this year. To this can be added the fresh terror of another Asian meltdown. Maybe the market is signaling that there are real problems out there that just aren't in the headline numbers...
...that the Labor Department reporting that state unemployment claims dropped last week to 379,000 - still a high number that indicates a weak economy, but lower than last month - and it's still possible to argue that the worst of this slowdown happened in the last two months of 2000, and that the worst is behind...
...They're also looking at Japan, and the fact that despite the U.S. slowdown and falling interest rates, the dollar is still strong - which means that foreign investors see even worse ahead for their own economies. And if the dollar stays strong relative to the yen and the euro, that means still more pain for U.S. manufacturers, who'll have more trouble competing with lower-priced foreign goods. In Wall Street's eyes, all that spells doom...
...Bush evidently figures the energy crisis - or the economic slowdown, take your pick - will do nicely. And it just...
...What the markets need is a surprise on the upside. There are other things that Wall Street can do - analysts need to start downgrading their earnings estimates for the slowdown, and get that over with, so companies have a chance to beat the Street and provide a lift. And businesses won't start investing just because rates are lower; in that regard, there's only so much the Fed can do, and some on the Street are expecting too much from him. But we need leadership, and Greenspan can provide that...