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Non-Tech : The ENRON Scandal -- Ignore unavailable to you. Want to Upgrade?

To: Mephisto who wrote (4761)	1/8/2003 4:31:29 PM
From: Raymond Duray	Read Replies (1) \| Respond to of 5185

Cuomo comes out swinging: Class Warfare is what Bush is Waging sfgate.com

To: Mephisto who wrote (4761)	2/4/2003 6:17:39 PM
From: Mephisto	Respond to of 5185

" The state of the union is that money talks and public policy is sold to the highest bidder" ………………………………… " For example, the top corporations that paid zero taxes from 1996 to 1998 --including AT&T, Bristol-Myers Squibb, Chase Manhattan, Enron, ExxonMobil, General Electric, Microsoft, Pfizer and Phillip Morris -- gave $150.1 million to campaigns from 1991 to 2001. Public Campaign reports that they got $55 billion in tax breaks from '96 to '98 alone, perennial legislation to gut the alternative minimum tax and billions in rebates to select corporations." Article: Oh, the state of the union ... Author: Molly Ivins Source: dfw.com SI Reference: Message 18535549

To: Mephisto who wrote (4761)	2/21/2003 12:38:02 AM
From: Mephisto	Read Replies (2) \| Respond to of 5185

U.S. 2002 Deficit Hit Record $435.2B Thu Feb 20, 9:12 AM ET story.news.yahoo.com By MARTIN CRUTSINGER, AP Economics Writer WASHINGTON - The United States recorded a $435.2 billion trade deficit for 2002, the largest imbalance in history, as the weak global economy set back American exports while imports of autos and other consumer goods were hitting all-time highs. In other economic news, the Labor Department reported Thursday that inflation at the wholesale level shot up by 1.6 percent in January, the biggest increase in 13 years, led by a sharp 4.8 percent rise in energy costs. Even though the surge was concentrated in energy, prices of other items such as new cars showed big advances as well and the overall increase was certain to raise concerns about whether inflation, which has been well-behaved for years, was threatening to get out of control. The government will report on January consumer prices on Friday. In a third report, the government said that the number of newly laid off workers filing unemployment claims jumped to a seven-week high of 402,000 last week, up by 21,000 from the previous week, showing that the labor market is still struggling with an uneven economic recovery. The trade report showed that even in agricultural products, normally a U.S. bulwark, Americans bought more imported wine, cheese and other foods than American farmers were able to sell abroad - resulting in only the second U.S. trade deficit in farm goods on record. The Commerce Department reported Thursday that the deficit for all of last year was up 21.5 percent from the $358.3 billion trade gap recorded in 2001 and surpassed the old record deficit of $378.7 billion set in 2000. By country, the United States ran up the largest trade gap with China, a deficit of $103.1 billion, marking the third straight year that the United States has recorded its largest trade deficit with that nation. It pushed the former front-runner in this category, Japan, into second place. In addition to the record for all of 2002, the United States set a new monthly high of $44.2 billion in December, up 10.5 percent from the previous record set in November of $40.0 billion. Opponents of President Bush trade policies contend that the huge trade deficits represent the loss of millions of manufacturing jobs as U.S. companies have been battered by what the critics say is unfair competition from low-wage countries that stifle labor rights and have lax environmental protections. However, the administration contends that it is pursuing the correct procedure in trying to cut global trade deals that will lower high barriers in other countries in a way that boosts American exports. story.news.yahoo.com

To: Mephisto who wrote (4761)	3/9/2003 3:16:35 PM
From: Mephisto	Respond to of 5185

Markets threatened by 'new world disorder' "'Bush is giving people the opportunity to join him but he's not that bothered what their response is. That's pretty worrying because it could leave the world in serious disarray.' Faisal Islam, economics correspondent Sunday March 9, 2003 The Observer Global stock markets will slump further into turmoil if there is a war on Iraq without a clear United Nations mandate, the City is warning. Bond and stock traders fear action by the United States and Britain without backing this week from the UN Security Council could lead to economic and financial disruption around the world. 'The political damage could be massive - globally, regionally, between and within nations - new world disorder,' said Mark Cliffe, chief economist at ING Financial markets. 'This would imply greater postwar instability, heightened terrorist risks and collateral damage to economic relations.' Cliffe believed this 'would see US growth dive back to zero, stock markets take another dive, the Fed cutting its funds rate to 0.5 per cent and the dollar down to €1.20'. Japanese markets are already at a 20-year low, European markets are touching seven-year lows, and the FTSE 100 index fell every day last week, ending up below the 3,500 level that sees the prospect of forced selling under insurance company solvency rules. In recent weeks movements of the dollar on foreign exchanges have become acutely sensitive to news that harms the American case for war at the UN, such as Iraq's destruction of proscribed missiles, and the dovish tone of reports from weapons inspectors, according to research by Morgan Stanley. David Buik of Cantor Index said: 'Bush is giving people the opportunity to join him but he's not that bothered what their response is. That's pretty worrying because it could leave the world in serious disarray.' Many economists pointed to the direct financial costs of the US and Britain acting without the UN. 'What the market's taken so badly is the feeling that the US is going it alone and the costs of war are very high,' said Hilary Cook, director of investment strategy at Barclays Private Clients. The bills would be easier to accept if they were pooled. A study by Lehman Brothers' chief economist John Llewellyn says that regardless of who backs any action there is a one in 10 chance of an 'open-ended conflagration' which would lead to a Viet nam war-sized bill for the US, 'equivalent to 12 per cent of contemporary GDP', or $1.2 trillion. Avinash Persaud, managing director of State Street Bank, believes timing is vital: 'The market wants whatever happens to be quickly resolved, and unilateral action is less likely to be quickly resolved. 'A UN-sponsored resolution that led to the UN-sanctioned rebuilding [of Iraq] is most conducive to swift action.' Economists warn that even a quick, successful war for the US is unlikely to lead to a surge in markets or immediate economic upturn. Persaud added:'Investors will be waiting on the sidelines for peace, rather than buy on the sound of gunfire.' · Just days before a possible war, US firms are buying two- thirds of the Iraqi oil exported under the UN oil-for-food programme, said the research firm Energy Intelligence. guardian.co.uk

To: Mephisto who wrote (4761)	3/18/2003 8:44:19 PM
From: Mephisto	Respond to of 5185

Increase in mortgage debt 2001 and 2002 = $1.6 Trillion Michael Rehaut at J.P. Morgan reiterated his "negative" stance on the homebuilding sector following the weaker than expected housing starts data for February. He believes stock valuations will continue to fall, likely 15 to 20 percent from current levels, as home building orders slow, inventories rise and pricing becomes more difficult. Among stocks in the sector, Pulte Homes, D.R. Horton, Centex, Lennar and KB Home. The U.S. Commerce Department said earlier that housing starts for February fell 11 percent, the biggest decline in nine years, to a seasonally adjusted annual rate of 1.622 million, versus economist expectations of about 1.76 million." Message 18719060

To: Mephisto who wrote (4761)	1/8/2004 6:41:37 PM
From: Mephisto	Respond to of 5185

I.M.F. Says U.S. Debts Threaten World Economy The New York Times January 8, 2004 By ELIZABETH BECKER and EDMUND L. ANDREWS EXCERPT WASHINGTON, Jan. 7 - "With its rising budget deficit and ballooning trade imbalance, the United States is running up a foreign debt of such record-breaking proportions that it threatens the financial stability of the global economy, according to a report released Wednesday by the International Monetary Fund. Prepared by a team of I.M.F. economists, the report sounded a loud alarm about the shaky fiscal foundation of the United States, questioning the wisdom of the Bush administration's tax cuts and warning that large budget deficits pose "significant risks" not just for the United States but for the rest of the world. The report warns that the United States' net financial obligations to the rest of the world could be equal to 40 percent of its total economy within a few years - "an unprecedented level of external debt for a large industrial country," according to the fund, that could play havoc with the value of the dollar and international exchange rates." Message 19669949

To: Mephisto who wrote (4761)	1/9/2004 7:47:28 PM
From: Mephisto	Respond to of 5185

Unemployment Rate Falls; Few Jobs Added Fri Jan 9,12:05 PM ET story.news.yahoo.com By LEIGH STROPE, AP Labor Writer WASHINGTON - The nation's unemployment rate dropped to 5.7 percent in December to the lowest level in 14 months, but employers finished the year without many help wanted signs for the holidays, adding just 1,000 new jobs. Message 19674841