Word: standardization
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Late last week, Goldman Sachs cut its earnings expectations for the stocks in the Standard & Poor's 500. Collectively, Goldman thinks, those companies will earn $40 a share this year, down from $49 a share in 2008. That's a drop of 18%. Not great. But take out financial stocks, and the picture gets worse. Excluding banks, insurers and the like, Goldman is predicting an earnings plunge of 25% in '09. (See pictures of the stock-market crash...
...most valuable treasure that will be lost is the fundamental economic transition from one generation to the next. In developed nations, the old will no longer have the means to retire, the middle aged will face joblessness and an obliteration of the standard of living to which they believed they were entitled since they were very young, and the young may have to fight for a small number of jobs most of which pay little more than a fraction of what their parents made...
Adding injury to insult, Standard and Poor's reiterated its sell opinion on shares of GM, which are commanding a mere $2.04 a share - about the price of a subway ride in New York City. Observing that the industry is gripped by an "automotive depression," S&P's Efraim Levy added, "We do not foresee an uptick in industry demand before Q4 '09 at the earliest." Chrysler was spared a similar indignity because it is privately held...
...Poland's zloty has dropped 29% against the euro in the past six months, the Hungarian forint by 20%, the Romanian Ieu 17% and the Czech koruna 12%. Latvia has now followed Romania in seeing its government bonds labeled as junk by Standard & Poor's rating agency. (Its government was forced to quit two weeks ago). Once lauded as darlings of global capitalism, these countries now warn of social and political unrest if their economies are allowed to collapse. (See pictures of the global financial crisis...
...form of inspiration, the appeal of their studio work can be found. The Atlanta-based Black Lips have adamantly defined their music as “flower punk,” implying a paradoxical combination of emotion and energy, but their fifth studio album is composed mostly of trite, standard punk-rock songs that seem only to scream the message that the band is still full of teenage angst. The song “Take My Heart” opens the album with a hackneyed blues guitar riff and the whiney, gruff singing of frontman Cole Alexander...