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B4 The Bell Wednesday Septemeber 8


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Mumbles speech:

 

"expansion has regained some traction"

"soft patch due to the previous rise in energy prices"

"business investment is on a solid upward trend" (apparently not so in tech)

"payroll gains picked back up in August"

 

1) oil @$43 is higher than when the "soft patch" began

2) ytd average of job creation at best shows deceleration

3) not one piece of data shows the recovery gaining traction. On the contrary every economic report has been softer than expectations that were already revised lower.

 

Mumbles is skating on very thin ice

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I just noticed a new "pay as you go" pitch in a Verizon Wireless banner ad. This is what the future holds for many services that have been available only to those who keep their accounts current. Once a person slips to a level of poverty that results in the disconnect of cable, phone or other services - often in concert with bankruptcy - these people no longer serve any useful purpose to the service providers.

 

By affording the option to allow deadbeats to fork over limited amounts of cash from time to time (like after stealing a set of hub caps, hocking them, and taking the proceeds to the nearest Verizon store in order to purchase 20 minutes to call momma on Mother's Day), these companies are now able to vacuum up the last crumbs that have fallen off the plate.

 

Apparently $100 per month cable bills and $200 per month cell phone bills aren't working for the "unemployed class." Will they be buying air conditioning by the minute?

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Regarding the Williams article about federal deficits (posted earlier), here is a quote directly from Mad Al's testimony this morning:

 

In 2003, outlays for Social Security and Medicare amounted to about 7 percent of GDP; according to the programs' trustees, by 2030 that ratio will nearly double.

 

Critical ... is the possibility that, as a nation, we may have already made promises to coming generations of retirees that we will be unable to fulfill.

 

Allowing for the understatement that is always used in soft-peddling unpleasant facts in the political realm -- what we have here is an open admission by the Greenman that the numbers don't add up, that something has got to give.

 

The choices are: (1) default; (2) hyperinflate. I bet on the latter. How 'bout you? :huh:

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I just noticed a new "pay as you go" pitch in a Verizon Wireless banner ad. This is what the future holds for many services that have been available only to those who keep their accounts current. Once a person slips to a level of poverty that results in the disconnect of cable, phone or other services - often in concert with bankruptcy - these people no longer serve any useful purpose to the service providers.

 

By affording the option to allow deadbeats to fork over limited amounts of cash from time to time (like after stealing a set of hub caps, hocking them, and taking the proceeds to the nearest Verizon store in order to purchase 20 minutes to call momma on Mother's Day), these companies are now able to vacuum up the last crumbs that have fallen off the plate.

 

Apparently $100 per month cable bills and $200 per month cell phone bills aren't working for the "unemployed class." Will they be buying air conditioning by the minute?

LOL

 

Plunge, did you make it back to Ft lauderdale?

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Regarding the Williams article about federal deficits (posted earlier), here is a quote directly from Mad Al's testimony this morning:

 

In 2003, outlays for Social Security and Medicare amounted to about 7 percent of GDP; according to the programs' trustees, by 2030 that ratio will nearly double.

 

Critical ... is the possibility that, as a nation, we may have already made promises to coming generations of retirees that we will be unable to fulfill.

 

Allowing for the understatement that is always used in soft-peddling unpleasant facts in the political realm -- what we have here is an open admission by the Greenman that the numbers don't add up, that something has got to give.

 

The choices are: (1) default; (2) hyperinflate. I bet on the latter. How 'bout you? :huh:

When we hear him say that:

 

"I have implied promises to the nation that I am unable to fulfill,"

 

then we'll know it's game-over.

 

 

His admission that the United States is effectively bankrupt - with no way out - is profound. Not being able to care for America's elderly is the death of the American Dream. Pushing retirement obligations out onto some distant future horizon only works until it doesn't.

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I just noticed a new "pay as you go" pitch in a Verizon Wireless banner ad.? This is what the future holds for many services that have been available only to those who keep their accounts current.? Once a person slips to a level of poverty that results in the disconnect of cable, phone or other services - often in concert with bankruptcy - these people no longer serve any useful purpose to the service providers.

 

By affording the option to allow deadbeats to fork over limited amounts of cash from time to time (like after stealing a set of hub caps, hocking them, and taking the proceeds to the nearest Verizon store in order to purchase 20 minutes to call momma on Mother's Day), these companies are now able to vacuum up the last crumbs that have fallen off the plate.

 

Apparently $100 per month cable bills and $200 per month cell phone bills aren't working for the "unemployed class."? Will they be buying air conditioning by the minute?

LOL

 

Plunge, did you make it back to Ft lauderdale?

Still hanging at Mission Beach, CA but heading back tomorrow in time for Ivan. I hear that my neighborhood came through in good shape, and a buddy of mine has been raving about the epic surf, which will no doubt kick up again soon out of the south as Ivan approaches. There's probably not a hell of a lot of beach left at my place, but it always comes back eventually.

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More bullish news...

 

 

GM boosts incentives on '05 models

 

After slow sales last month, General Motors increases rebates on 2005 model-year cars and trucks.

September 8, 2004: 11:01 AM EDT

 

 

NEW YORK (CNN/Money) - After a drop in sales last month, General Motors Wednesday announced increased cash incentives on 2005 model year cars and trucks.

 

Cash rebates on most 2005 models has been increased by $500 to $1,000, said GM spokeswoman Deborah Silverman. Last month, GM was offering $1,000 rebates on most 2005 models. The range of rebates now runs from $500 to as much as $3,500, Silverman said.

 

The $3,500 rebates are available only on the Chevrolet Venture and Pontiac Montana minivans, both models that are being discontinued. Most rebates fall into the $500 to $1,500 range, Silverman said.

 

 

http://money.cnn.com/2004/09/08/pf/autos/g...bates/index.htm

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