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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (40808)	8/30/2001 3:02:09 PM
From: Jill	Respond to of 65232

Slate's summary of the newspapers-- I personally think Bush is nuts to build missiles. They won't work & we don't need them. If anything we need to worry about biowarfare. Let's hope we get inflation, not runaway, rather than deep long recession: USAT leads with President Bush's comment yesterday to a veterans' convention that he's "deeply worried" about the impact of the sluggish U.S. economy (see below) on working Americans. The NYT's top national story also keys off Bush's convention speech, but focuses more on his vow that neither the economic slowdown or a decreased federal budget surplus will deter him from increasing federal spending on the military--including an investment in a national missile defense--and on education. The top national story at the WP is the government's latest quantification of the state of the economy: during the second quarter, it grew at a 0.2 percent annual rate, not the 0.7 percent originally estimated. This is also the top story in the WSJ's front-page business news box. The USAT lead emphasizes President Bush's use of the economy's troubles as a justification for his 10-year, $1.35 trillion tax cut, and contexts his expression of sympathy for workers with his father's politically costly failure to do the same when the U.S. experienced a recession in the early 90s. The NYT lead reports that the top Democrats in both houses of Congress sent Bush a letter urging him to specify how he intends to pay for the increases, an effort, says the paper, at clearly trying to tempt him into going first in describing possible cuts, and in declaring that the Social Security hands-off pledge might have to be violated. The WP economy story notes high that the revised numbers show the second quarter to have been the U.S.'s weakest performance in eight years, under the headline "U.S. ECONOMIC GROWTH DROPS TO ALMOST ZERO." The NYT's fronter headline is "DATA SUGGESTS WEAK GROWTH, NOT A RECESSION," and the LAT's is "U.S. AVOIDS FALLING INTO A RECESSION." In a classic bit of hedge-speak, the WSJ sees the numbers as "quelling fears of an imminent recession, at least for now."