So smug Chambers is starting to crack. The technique he used to make CSCO grow was doomed. Now he's screaming for relief. Some big man he is. Just another Silicon Quiche fraud.
``It makes no difference what the Federal Reserve or the latest statistics say. What we see now is absolutely not a soft landing. Ask anyone in American manufacturing industry and they will say that we are in a recession,'' Cisco Chief Executive John Chambers said in an interview with Swedish business daily newspaper Finantidningen.
Is CSCO in manufacturing?
``I wish the American central bank had reacted faster instead of on old statistics. If they had started to lower rates back in November things would look different today,'' he was quoted as saying.
Why would they look different? He must be saying that if the FED started pumping more aggressively, then things would look different. He's right. They'd look worse, because pumping would only pump up prices more than it would encourage output. Here you see him, the big shot glib gladhander, showing he doesn't know what he's doing. He's just another illiterate that is headed for the scrap heap. Does anyone doubt my previous comments that this era is a small one with small people?
``If the situation does not change before the half year stage there is a risk of a domino effect whereby the rest of the world will be imminently affected.''
Now where did I hear of the Domino Theory previously? This is an attempt by a weakling to illicit sympathy and try to get authority to put pressure where his firm will benefit by the manufacture of new money. You didn't hear a thing about the numerous errors made by the FED previously. CSCO was riding its high horse, so Chambers was too big to acknowledge things that didn't matter, that is, if he even knew that the FED was making errors which is highly unlikely. Now, he isn't so big and sure.
Chambers said to avoid that scenario the U.S. Federal Reserve must continue an aggressive interest rate cutting programme and also welcomed a proposed $1.6 trillion 10-year cut in U.S. taxes by President George W. Bush.
Send this guy to the showers. He's lost the ball game. He thinks like the demand management types that a little money will get it propped back up, but what happens then, Johnny?What happens when your employees are screaming, "on strike, shut it down".
``On my own part I have always preferred spending my own money to having the state spend it for me. But what with the recent economic downturn retroactive tax cuts have become absolutely necessary,'' Chambers said.
How are these sentences connected? The word "but" promotes confusion. He must be confused because he's agitated and we know why. His little glad handing tin plated god egomaniac empire is crumbling under its own dead weight. Why, it must be time for government to launch an anti trust action against CSCO!
Chambers said Cisco's thus far aggressive acquisition policy would have to be moderated in the short term.
``In the coming quarters we will be more careful when it comes to acquisitions and most will be smaller, strategic ones that do not add particularly many employees to our organisation,'' he said.
But in the long term Cisco's plans held firm, he said.
``We will certainly buy more than 20 companies this year, just like last year. But bear in mind that our share has actually fallen less than most of our competitors' so it is not a problem for us to do more buys,'' Chambers said.
``Besides, the price for unlisted start-up companies is about 20 percent of what it was a year ago.''
That doesn't sound like CSCO needs to be bailed out of anything. He must only be concerned about others and how much they will suffer when they go "on strike, shut him down". |
