Word: slowdowns
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...colleague Rick Stengel has ably and correctly pointed out in his column that the showdown is a boon to the media - especially in this economic slowdown ("recession"? "bear market"?) - which need round-the-clock news marathons to spike ratings and readership. But ironically, the media are so far also showing a second, contradictory tendency that works against this interest: their tendency to parrot the language of the administration in power, especially when reporting on international affairs. Lest they appear biased or unpatriotic during wartime, for instance, reporters surrender their understanding of English and let "bombing victims" become "collateral damage...
...that it's a rally, exactly - even those modest gains were eroding as noon approached - but clearly something happened besides Alan Greenspan's bullish comments on free trade before the Senate (although a brief mention of the slowdown, with no bearish comments along with it, may have played a tiny part). TIME investing columnist Dan Kadlec has a few ideas...
...markets rally for two to three days, and everybody gets excited. And then the reality of the slowdown comes back into the picture. And when you get that bad news from Palm, in a hot area like hand-held, and you see that slowing, it hits especially hard. And every bit of information makes you reassess what you thought you knew before...
...There's still a number of investors who are in denial, who think that this company or that is going to thrive despite the slowdown. Palm was one of those. But every warning brings another couple of them off that list, and we get a little closer...
...says that's to make sure the American people know that the $60 billion (about $300 a head, which is mostly psychological) is just a down payment. But the bigger danger for a White House that's tied a 10-year tax cut to a one-year (we hope) slowdown is that once the $60 billion cavalry rides in, all Bush's hard work in bad-mouthing the economy to advance his agenda will have been wasted. He will have pulled the trigger. And the public-opinion scales will tip back toward the Democratic argument for fiscal caution...