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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (190908)	9/6/2002 1:11:14 PM
From: stan_hughes	Read Replies (1) \| Respond to of 436258

"I hear the trade war comin'; it's rollin' 'round the bend, And I ain't seen no decent bids since I don't know when, I'm stuck in Wall Street Prison, and Bush keeps dronin' on. As that Dow keeps a-fallin' On down to twelve-o-one" EU Targets U.S. Textiles, Steel in Sanctions Over WTO Tax Row By Adrian Cox Brussels, Sept. 6 (Bloomberg) -- The European Commission proposed targeting U.S. products including textiles, steel and farm goods after winning World Trade Organization permission to retaliate with as much as $4 billion in sanctions against an illegal U.S. tax break. The 15-nation European Union last week won the go-ahead to punish the U.S. for a credit on taxes paid overseas that saved Boeing Co. $291 million in 2000 alone. The EU's executive arm sent governments a list also including paper and aluminum products that will be targeted unless the U.S. changes its tax law, commission spokeswoman Arancha Gonzalez said. ``We haven't fixed a specific deadline by when we would trigger the mechanism of the sanctions,'' Gonzalez said. ``We are confident that the U.S. Congress will in the short term lead to a change in the legislation.'' EU Trade Commissioner Pascal Lamy now faces pressure from European companies and some governments to impose only a token penalty, or none at all, to avoid damaging transatlantic trade worth almost $600 billion a year and threatening the global economic recovery. The damages are almost 20 times the previous record. The ruling threatens to increase tensions already smoldering over U.S. steel tariffs, a $51 billion boost in government support for American farmers over the next six years, as well as the EU's ban on U.S. hormone-treated meat. Gonzalez said the commission's list of targeted products over U.S. tax breaks has none of the products that could be targeted in retaliation for U.S. steel tariffs. The EU has threatened to impose up to $350 million of duties on some steel, textile and citrus products from as early as October. ``There are no products that coincide with the steel list,'' she said. quote.bloomberg.com

To: Les H who wrote (190908)	9/6/2002 1:17:48 PM
From: Les H	Respond to of 436258

Was Alan Greenspan really powerless to stop the stockmarket bubble? economist.com

To: Les H who wrote (190908)	9/6/2002 1:17:48 PM
From: Les H	Read Replies (2) \| Respond to of 436258

the firms that can't stop falling economist.com

To: Les H who wrote (190908)	9/6/2002 7:05:15 PM
From: mishedlo	Read Replies (1) \| Respond to of 436258

morganstanley.com This time is different? WTF. No, bears say this time is THE SAME. Brigs thinks this time is different. =========================================================== Barton Brigs. I still think the rally will carry further and last longer. The consensus now thinks the bounce off the July lows has run its course and expects a retest. They cite the last six bottoms, each of which was followed by a 25% rally and then a pullback before a major move began. The bears are still rampant. They believe this time truly is different, that the July lows will be busted, and equity markets around the world will go considerably lower before the bear is over. They cite a frightening array of reasons ranging from overcapacity, deflation, the double-dip, the Japanese disease, valuations that are still extended, terrorism, an attack on Iraq, over-ownership of equities, and the public's abiding disgust with Wall Street CEOs. They worry that in August the U.S. and European economies seem to be softening. Their conviction is increasing that the rally ended last Thursday. I am more optimistic. The July lows were marked by a parabolic decline and massive capitulation that has not been seen for 40 years. I don't believe in the double-dip. Auto sales are strong, refi and home equity loans are surging, corporate profits have turned up, and money growth has accelerated. The consumer bubble is a misconception. Real growth should be 4% for the next three or four quarters and inflation is invisible. Stay invested.