Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (519813)	1/5/2004 4:40:22 PM
From: PROLIFE	Respond to of 769670

Upbeat Sales Numbers From Most Auto Makers foxnews.com

To: Kenneth E. Phillipps who wrote (519813)	1/5/2004 4:45:07 PM
From: PROLIFE	Respond to of 769670

Construction Spending Hits a High in Nov reuters.com

To: Kenneth E. Phillipps who wrote (519813)	1/5/2004 4:49:43 PM
From: PROLIFE	Read Replies (1) \| Respond to of 769670

Musharraf, Vajpayee Meet in Historic Peace Bid Mon January 5, 2004 12:23 PM ET By Simon Denyer and Sanjeev Miglani ISLAMABAD (Reuters) - The leaders of India and Pakistan met on Monday for the first time in more than two years, and pledged to continue efforts to repair relations after their nuclear-armed countries went to the brink of war in 2002... reuters.com

To: Kenneth E. Phillipps who wrote (519813)	1/5/2004 4:52:39 PM
From: PROLIFE	Read Replies (1) \| Respond to of 769670

High Minimum Wage = High Unemployment Published In: The Seattle Post-Intelligencer By: Craig Garthwaite 12/29/03 Why is it that Washington state's entry-level job applicants faced one of the highest rates of unemployment in the nation this year? The state's unemployment rate is 15 percent higher than the national average and 42 percent higher than it was five years ago when the state introduced a minimum wage higher than the federal minimum. Washington state is not alone in experiencing this perpetual high state unemployment. Oregon, Washington and Alaska are among the five states with the highest unemployment rates. It is perhaps no coincidence that these three states have the highest state minimum wages in the nation. Decades of research confirm Nobel Prize-winning economist Gary Becker's observation: "A higher minimum will further reduce the employment opportunities of workers with few skills." Despite Washington state's relentless high unemployment, the state's minimum wage is set to rise for the fifth time in as many years on Jan.1, making it 39 percent higher than the federal minimum - the highest minimum wage in the nation. This job-killing increase is built into the system, thanks to a ballot initiative that increases the state's minimum wage regardless of job market conditions. In many parts of the state, the jobs situation is worse than the headline statewide rate would have you believe. No fewer than 16 Washington cities and counties with a population of at least 10,000 posted an unemployment rate of between 9 percent and more than 14 percent last year. These areas include Lakewood city, where the unemployment rate was 10.9 percent; Longview city, where it was 11.3 percent, and Klickitat County, which had an unemployment rate of 14.3 percent. More than 1.2 million people now live in these high unemployment areas with unemployment rates that have not been experienced nationwide since the recession of the early '80s. Those who initiated this ill-advised indexing proposal may believe that the latest minimum wage increase will help those workers who have managed to hold on to a minimum-wage job in difficult economic times. Hard evidence suggests a reality where the increase will deprive many vulnerable employees of the only opportunity they have to earn a living and increase their wages. Research at Michigan State University found that increases in the minimum wage attract more highly skilled applicants to traditionally low-skill jobs. The study's author, David Neumark, concluded: "Increases in the minimum wage raise the probability that more-skilled teenagers leave school and displace lower-skilled workers from their jobs." Employers prefer to hire talented young people over less-skilled adults to offset the increased labor costs brought on by a minimum wage increase. Another study, from the University of Wisconsin, revealed that this displacement of adults by teenagers following a minimum-wage increase was especially pronounced among women on welfare. "Mothers on welfare in states that raised their minimum wage left welfare for work 20 percent less than welfare recipients in states where the minimum wage was not raised," the study's author, Peter Brandon, found. The teenagers who are competing with these women usually live with working parents and their need for employment is arguably not as great. Even wage-increase proponents acknowledge this displacement effect. Wage mandate activist and union organizer David Reynolds says that high minimum wages cause businesses to "attract and retain the best workers" - who take the jobs of the less skilled. The union-backed Economic Policy Institute has admitted that higher minimum wages "will attract good workers" - meaning less-skilled workers need not apply. Yet while less-skilled workers do not benefit from a minimum-wage increase, academic research demonstrates they can get a raise without one. Economists at Miami University of Ohio and Florida State University found 65 percent of minimum-wage workers increase their wage between one and 12 months on the job. This refutes the outdated notion of minimum-wage workers perpetually dependent on government to get a raise. More than undermining their prospects for employment, raising the minimum wage imperils an important benefit that helps less-skilled workers escape poverty. The federal earned-income tax credit is a successful anti-poverty program that supplements the income of the working poor. But it disappears the moment employees lose their job, forcing the least skilled among us to depend on welfare for as long as those benefits last. Exchanging the ability to provide for oneself with welfare checks has unfortunate consequences that reach far beyond the newly unemployed person's pocketbook. Research by Casey Mulligan of the University of Chicago found that for every extra year a mother spent on welfare, her child spent an additional 274 days on welfare as an adult. Sad to say, raising the minimum wage not only harms the job prospects of those whose alternative is welfare but also their ability to pass a strong work ethic onto their children. For Washington state's most vulnerable workers, many of whom have remained in depressed localities after business and industry have left the area, raising the minimum wage will deprive them of the jobs, training and increased earnings they so obviously need. This is surely not what supporters of indexing the state minimum wage intended. epionline.org

To: Kenneth E. Phillipps who wrote (519813)	1/5/2004 5:07:15 PM
From: Hope Praytochange	Read Replies (1) \| Respond to of 769670

ignorant on market ... now try to interpret the foreign exchange market ... way above your IQ...here are few factors influence this market === :: Majors: The US$ fell sharply across the board following speeches yesterday by Fed Chairman Greenspan and Governor Bernake, which reaffirmed that interest rates would remain at 45 year lows of 1% for some time. The euro reached a new all time high of 1.2695, and the yen reached a 3-year peak at 106.05 capped by apparent intervention earlier in Tokyo trade.

To: Kenneth E. Phillipps who wrote (519813)	1/5/2004 5:11:01 PM
From: Hope Praytochange	Respond to of 769670

:: Australian Dollar: The A$ opened at $US0.7681/86 compared with yesterday’s close of $US0.7633/38. Overnight the A$ hit fresh highs of $US0.7693 on the back of continued US$ weakness. Comments by US Federal Reserve governor Bernake implied that despite an improving economy, US interest rates would remain on hold for some time, which prompted further US$ selling in the search for higher yielding currencies. In trading yesterday the A$ gained over one US cent from its previous close to reach a high of $US 0.7642, a level not traded since mid 1997, underpinned by very strong base metals prices. The Australian share market closed weaker with yesterday’s surge in the A$ impacting stocks that have offshore earnings such as News Corp and a poor performing bank sector. The major banks lost ground following reports that Australian retail sales are expected to grow slightly in November, pointing to the possibility of another interest rate hike as early as February or March. ====The A$ was buoyed last week by further weakness in the US$ with currency movements accentuated in thin markets due to nervousness leading into the New Year with fears of terrorist attacks. The US$’s decline worsened in thin post New Year's trade, ending the week at new 11-year lows against the GBP at 1.7946 and a new 6-year low of 0.7590 against the A$. The euro also rose to a new all time high of 1.2636 against the US$. The A$ end the year on a strong note gaining 33% in 2003 against a beleaguered US$. The A$ rose 19 cents in 2003 from $US0.5600, putting in the strongest performance by any currency against the US$ in 18 years. Meanwhile, its trans-Tasman counterpart gained 25% against the US$ in 2003. US$ weakness, rising commodity prices in an improving global economy and comparatively high interest rates in Australia and New Zealand compared to most of the rest of the world underpinned these gains. After thin holiday trading conditions causing some erratic currency movements over the past week, markets will wait to see if the momentum of US$ selling will resume when volumes return to normal as traders return to work.

To: Kenneth E. Phillipps who wrote (519813)	1/5/2004 5:21:18 PM
From: Hope Praytochange	Respond to of 769670

BoJ suspected behind USDJPY spike After Tokyo markets closed for the half-session, dollar/yen drifted lower toward its multi-year low to 106.78 - thus triggering a barrage of bids and sending the pair sharply higher. The sharp move raised little doubts that the BoJ is carefully guarding the yen for any sharp appreciation. The MoF's vice finance minister for international affairs, Zembei Mizoguchi said earlier that the government would take appropriate measures when necessary, adding there had been no change in forex policy. Data released earlier in the session showed Japan's manufacturing PMI slipping to 56.0 in December, down slightly from 56.4, yet holding above the key 50-mark for the seventh consecutive month. Both the new orders and output indexes dropped from the previous month, falling to 60.2 and 58.8, respectively in December. Meanwhile, the output prices index rose to 46.4, its highest level since the start of the survey. Dollar/yen continues to trade near the 107-level, with further losses seen protected by the BoJ. Resistance begins at 107.40, followed by 108 and 108.20. Subsequent resistance will emerge at 108.45, followed by 108.60 and 109. On the downside, losses will target 106.80, followed by 106.40 and 106. Additional losses will encounter floors at 105.75 and 105.50. Euro soars to fresh highs The euro maintained its bullish tone, climbing to a new record-high against the dollar in early Monday trading at 1.2670. The key highlight from the Eurozone this week will be the ECB monetary policy meeting on Thursday, in which the bank is expected to leave policy unchanged at 2.0%. EURUSD faces resistance at 1.2670, followed by 1.27 and 1.2720. Subsequent ceilings are seen at 1.2750 and 1.2780. Support begins at 1.2630, backed by 1.26 and 1.2580. Additional losses will target 1.2520, followed by 1.25 and 1.2480.