Word: slowdowns
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...economic address billed by the White House flacks Monday as "major," Bush hit all the big themes. The economic slowdown - including the energy crisis and the stock market's tank-o-rama - was Clinton's fault, not his ("The trend is clear and the need for action is urgent") and all his tax-cut sales-pitching has not made things worse. "It's the President's job to look for warnings of economic trouble ahead and to heed them," Bush said. (Not that he didn't feel the need to point out the bright side for a change, saying...
...corporate spending slowdown continues unabated. Merrill Lynch projects that business spending on equipment and software will rise only 4.5% this year--the weakest showing since the last recession, in 1991. On Friday the government reported that industrial production dropped for the fifth month in a row. "People are counting too much on the Fed," says Ken Shea, head of stock research at S&P. "The cost of capital is not the issue. The corporate executives do not want to spend right now." After huge technology investments in the past 10 years, many companies have all the firepower they will need...
There are plenty of signs of the shockingly sudden economic slowdown during my commute. The radio isn't filled with the hopeful jingles of Internet retailers, and I can almost always get a cell-phone circuit. Some of the signs are just that--vacancy signs dangling from buildings whose landlords until recently were demanding shares in the companies started by their tenants. And the blank billboards along Highway 101--the valley's main thoroughfare--mutely advertise the downturn. There are few tire kickers in the lots of the luxury-automobile dealers. Near my office, the people who sometimes paraded along...
...still does. Biggs figures the bear market is 80% over, but that it will be three to five years before tech stocks dazzle again. Too many investors bought tech near the top, and they'll be selling into rallies for years, he says. Further, the tech-spending slowdown is gaining momentum. "A decline in IT spending by big companies like GE and Morgan Stanley hasn't even happened yet. It's going to," Biggs says...
...vaporized stock wealth, which is crushing consumers. Biggs says Fed chief Alan Greenspan blew it; he was too slow to cut rates to stimulate spending and put a floor under the market. Meanwhile, the layoffs you've heard about recently won't hit until the second quarter, accelerating the slowdown...