Comments for Philly Fed: Continued Contraction, Employment Index at Record Low

Automonkey says:

Somebody here is going to say this is bad news. pessimists.

Automonkey Thu Mar 19 09:11:22 2009 CDT #
CRbot says:

This comment thread has been HALO-IZED by CRbot.

http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/2339635073328891225

CRbot Thu Mar 19 09:11:54 2009 CDT #
Automonkey says:

Think of all the productivity improvements going on...

Automonkey Thu Mar 19 09:12:12 2009 CDT #
Apprentice says:

I've decided to abandon following North American stocks. The constant govt. intervention have made them too unreliable and impossible to evaluate. You don't dare short them as rabbits are pulled out of the hat every week to keep them artificially alive.

Does anyone have a list of alternative investments or countries that will stay above this fantasy money and debt storm?

Apprentice Thu Mar 19 09:12:59 2009 CDT #
bluefisher says:

Naw! good news, less cost to business, more to government......Yeah!!!
Let's get out that cheering squad, layemoff layemoff..go go go!!

bluefisher Thu Mar 19 09:14:56 2009 CDT #
Rob Dawg says:

Good news = data.
Bad news = anecdote.

Rob Dawg Thu Mar 19 09:17:34 2009 CDT #
Counterpointer says:

Apprentice - CURRENCIES my friend.

Heh heh. Yum. You've just got to be dual domiciled to get max returns.

C

Counterpointer Thu Mar 19 09:17:50 2009 CDT #
Guest says:

Dawg what happened in 82?

Guest Thu Mar 19 09:19:53 2009 CDT #
reptillian says:

"The current employment index fell for the sixth consecutive month, declining six points, to -52.0, its lowest reading in the history of the survey."

Do I see almost -60, earlier?

reptillian Thu Mar 19 09:20:42 2009 CDT #
reptillian says:

Whoops! Current Employment Index ...
Gotta stop speed reading ...

Parent Post

reptillian Thu Mar 19 10:33:27 2009 CDT #
nova says:

C said - I seem to have hoarded exhaustion.

No kidding. I could sleep for a week.

I don't know if it is Denninger, coffee, or Fed, but I am more uneasy about what the future holds than anytime since the big meltdowns.


nova Thu Mar 19 09:21:09 2009 CDT #
Rob Dawg says:

Guest says:Today, 7:19:53 AM PDT
Dawg what happened in 82?
http://www.ny.frb.org/research/quarterly_review/1982v7/v7n4article9.pdf



Rob Dawg Thu Mar 19 09:27:05 2009 CDT #
The Lorax says:

Weeeeee... look at the USD slide against the YEN. I can only imagine that Japan and other Asian exporters are ringing little Timmy's phone hoping for some relief.

The Lorax Thu Mar 19 09:27:06 2009 CDT #
Counterpointer says:

nova - I hear you. I got 14 hours sleep on Saturday and that was, shall we say, a good start! All went downhill after that.

It's feeling very early-October capitulation week right about now.

Eeek.

C



Counterpointer Thu Mar 19 09:30:21 2009 CDT #
bearly says:

[Good news = data.
Bad news = anecdote]

LOL. Been watching Erin much -- That paragon of reason. Bitch creeps me out totally.

bearly Thu Mar 19 09:31:01 2009 CDT #
Automonkey says:

Weeeeee indeed... Yeay!! Now its the turn of the Japanese to do something to devalue their currency!! Then the ECB. Everyone gets a turn.

Automonkey Thu Mar 19 09:31:53 2009 CDT #
Anonymous says:

Counterpointer says:Today, 10:30:21 AM
It's feeling very early-October capitulation week right about now.

Agreed.


Anonymous Thu Mar 19 09:31:54 2009 CDT #
Sue (Capital S) says:

And now the WashPo is breaking news that 13 firms receiving bailout money owe lots and lots of back taxes. This wouldn't be surprising, except that they signed affadavits before receiving the money that they owed no taxes.

I want a different system. This one is broken.

Sue (Capital S) Thu Mar 19 09:33:59 2009 CDT #
mark says:

As we've learned during the recent nominations/confirmations, taxes are only for us peons.

Parent Post

mark Thu Mar 19 09:41:05 2009 CDT #
Dust Bowling for Dollars says:

Wow, this slew of apocalyptic news is even enough to push Mr. Market into the red - I thought it'd take a nuclear war or an alien invasion to do that this week.


Dust Bowling for Dollars Thu Mar 19 09:36:16 2009 CDT #
NateTG says:

Sorry if this is a dup.
CR, the chart doesn't seem to match the text.

NateTG Thu Mar 19 09:36:39 2009 CDT #
Rob Dawg says:

Sue (Capital S) says:Today, 7:33:59 AM PDT
I want a different system. This one is broken.
The revolution will not be televised but it will be blogged including, if we are lucky, lots of chart porn. ;)

Rob Dawg Thu Mar 19 09:38:20 2009 CDT #
homedad43 says:

hopefully, Rob, there won't be much of a body count.

On the conspiracy side of the house, my physical therapist was talking to me the other day and mentioned about some detainment compounds being built by the government.

Jeez, if a middle aged PT is talking about detainment camps-in-waiting, then we are truly in Twilight Zone territory.

Parent Post

homedad43 Thu Mar 19 09:41:40 2009 CDT #
Angry Saver says:

Nova, C,

I know the feelings of exhaustion and anxiety too. But I've decided to embrace the change. Just not in the manner that the fed wants me to (work & spend, assume more risk).

My time is now much more valuable than their money. That said, the bailouts really bother me.

Here's something weird - I gave up drinking along with working. I'll likely drink again in the future, but I didn't want to fall into the trap of enteraining myself with alcohol.



Angry Saver Thu Mar 19 09:40:48 2009 CDT #
bearly says:

Chinese got a lifeline from Ben -- They can sell their holdings into weaker hands.

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i


bearly Thu Mar 19 09:42:58 2009 CDT #
Automonkey says:

Hmm. Had the Fed acted a week later my March SLW 7.5 calls would be wiped out..

Automonkey Thu Mar 19 09:44:39 2009 CDT #
Gavshire Hathaway says:

I weep for the 100 GE March $7.50 calls that I bought for $0.39....and sold for $.50

Today trading at $3.50. Ouch.



Gavshire Hathaway Thu Mar 19 09:49:07 2009 CDT #
Rufus the Doofus says:

28% profit, before commission. I know I'm not doing anything close to that.

Parent Post

Rufus the Doofus Thu Mar 19 10:49:35 2009 CDT #
homedad43 says:

I really do need to clean the toilets, but they remind me of our banking system and I figure, what the hell.

Count me in on the exhaustion side.

homedad43 Thu Mar 19 09:49:28 2009 CDT #
nova says:

Angry, I know what you mean. Actually I wish I could keep that attitude about my time - full time and all the time.

nova Thu Mar 19 09:51:43 2009 CDT #
Guest says:

King George said to his banker. I cannot raise taxes enough in gold to raise an army to invade the evil Sadma. My peasants are misers and will not give me my fair share. The banker said no worries I can raise all the taxes you need with sticks. The king asked "why would people use sticks as money as they can get sticks from the forest". "Let me handle it your grace" the banker said. The banker had his servants go into the forest and cut thousands of sticks and then had them split in two with different notches in the split so each stick had it's own specific pair. One stick kept the bottom so that it formed a handle. The banker then said to the King. "Make a proclamation that every person owes you five halves of the royal tally sticks next year on April 15th. If they try to counterfeit the sticks make the punishment death". I will be the stockholder and hold the stick with handles each year the peasants will have to tally up with a half other stick that matches the stick I keep in your storeroom. The king asked "How will you disperse the sticks". The banker said "I will make the peasants borrow them from me. If they borrow five sticks they will owe me six back and so they will have to work harder because there will always be more demand for sticks than there are present in the system. You my king I will give the the right to spend more than the sticks you collect in taxes if you give me a bond that you will exclusively use my sticks as money in this kingdom."

Guest Thu Mar 19 09:51:52 2009 CDT #
ac says:

Chinese got a lifeline from Ben -- They can sell their holdings into weaker hands.

You'd think if they were acting sensibly they'd start dumping dollars and US popcorn bonds and start buying up agricultural and energy resources/production.

Just think of all those people now wishing they could go back and dump those sub prime mortgage securities while they were still "hot".

ac Thu Mar 19 09:52:05 2009 CDT #
Dead_Monkey_Bounce says:

A dichotomy on the Japan/US QE issue is that Japan imports nearly all raw materials. Even our oil imports on a percentage basis come no where near what theirs are. We have domestic substitutes available in most cases, or could shunt production into domestic use instead of export if imported replacement goods for our exports (we're sending out agriculturals that we receive, we're just playing arbitrage, so we can put a ceilin

Dead_Monkey_Bounce Thu Mar 19 09:52:24 2009 CDT #
Automonkey says:

Gavshire, indeed... I also missed my chance to short SKF at 250. That thing can't stay above 200 for more than a week or two. Thought DTO was also a good short at 220 and did nothing. Regrets, regrets...

Automonkey Thu Mar 19 09:52:33 2009 CDT #
ac says:

I really do need to clean the toilets, but they remind me of our banking system and I figure, what the hell.

Don't flush them for a week and they'll start to remind you of our economy.

ac Thu Mar 19 09:54:12 2009 CDT #
cd says:

ladies and gentlemen, I suggest a vacation to costa rica..cheap...sun...waves...monkees..volcanoes....jungle...sloths..cerveza...lobster...fishing....skin....bad roads not bad govt........and they wireless DSL!!!!

rent a little casita for $400 a mos....c ya

cd Thu Mar 19 09:54:33 2009 CDT #
Dope Alert says:

PT is talking about detainment camps

stage 2 bloggin ddiction

Dope Alert Thu Mar 19 09:55:02 2009 CDT #
Dead_Monkey_Bounce says:

Sorry, that message was completely garbled thoughtwise as well as chopped by the bot.

===

We have ceilings on prices of many raw materials because we either already do produce them domestically (for export, because somehow an American good of X type is more expensive than a foreign good of X type but we are still able to sell ours at a premium, contrary to normal free trade theory), or we COULD produce domestically if prices rose.

Japan didn't have that option, they have very little in the way of domestic raw material resources, particularly oil, steel, etc, and very limited arable land. I think we can better control costs on raw materials than they could, even if there isn't global QE.

Dead_Monkey_Bounce Thu Mar 19 09:56:27 2009 CDT #
nullpointer says:

JSKit just ate my long comment...now i see why you guys are bitching

nullpointer Thu Mar 19 09:56:41 2009 CDT #
JimPortlandOR says:

I really do need to clean the toilets

Why? They will just get dirty again :-[

Now you know how a bank auditor must feel.

JimPortlandOR Thu Mar 19 09:56:51 2009 CDT #
Counterpointer says:

Angry Saver - you are a bold and strong person, clearly.

I still work with generalised anxiety and America's finest IPA. Works so far.

C



Counterpointer Thu Mar 19 09:57:18 2009 CDT #
Gavshire Hathaway says:

Automonkey -- Puts on SKF were my hedge against the rest of my short portfolio.

When it ticked over $260, I started buying them. And I bought 2 other batches on the way down. April $260's, $250's, $190's, and $170's. Worked like a charm. Wish I had bought more. And held my GE/BAC calls longer.

Gavshire Hathaway Thu Mar 19 09:58:49 2009 CDT #
JS-Kit says:

OM NOM NOM NOM

JS-Kit Thu Mar 19 10:00:54 2009 CDT #
JS-Kit says:

BURP

JS-Kit Thu Mar 19 10:01:21 2009 CDT #
Rufus the Doofus says:

Didn't I see you in LITTLE SHOP OF HORRORS?

Parent Post

Rufus the Doofus Thu Mar 19 10:53:41 2009 CDT #
Counterpointer says:

Actually, this is interesting, Zambian economist says free money for Africa is a crap idea:

http://www.bloomberg.com/apps/news?pid=20601088&sid=awa8maIKe3Zk&refer=home

CPS we need some music, back soon.

Counterpointer Thu Mar 19 10:04:13 2009 CDT #
cd says:

latest news..wsj

White House to provide up to $5 bln to auto parts cos.: WSJ

cd Thu Mar 19 10:04:19 2009 CDT #
cd says:

GE Real Estate warns loans defaults could hit 10%
http://www.marketwatch.com/news/story/GE-Real-Estate-warns-loans/story.aspx?guid=%7B7DE83458%2D7FEB%2D447F%2D8B23%2D28EAF7E7E93F%7D&dist=hplatest

more fodder for a bull rush..

cd Thu Mar 19 10:05:48 2009 CDT #
Basel Too says:

White House to provide up to $5 bln to auto parts cos

I wonder how far upstream are we going to go?

Basel Too Thu Mar 19 10:06:21 2009 CDT #
Dead_Monkey_Bounce says:

Dodd: Mea Culpa

http://www.cnn.com/2009/POLITICS/03/19/aig.bonuses.congress/

Dead_Monkey_Bounce Thu Mar 19 10:07:35 2009 CDT #
Interesting Times says:

I'm getting motion sickness... where's the breakout going to be UP or DOWN. Haven't placed any bets yet.

Interesting Times Thu Mar 19 10:08:09 2009 CDT #
bearly says:

Does anyone recall whether Timmay declared his obligatory "STRONG DOLLAR" policy ?

I thought it was a time honored Treasury Secretary tradition. a right of passage.

bearly Thu Mar 19 10:09:11 2009 CDT #
Automonkey says:

Strong dollar meets quantitative easing. the two don't get along.

Automonkey Thu Mar 19 10:10:46 2009 CDT #
nova says:

I wonder how far upstream are we going to go?

Like salmon? What is next after parts suppliers?

I guess this also gives the O admin a stick to prod southern politicans. You want those factories built around those auto plants in your state to get $? lets talk


nova Thu Mar 19 10:11:35 2009 CDT #
Counterpointer says:

So, shipping sh!tpile continues:
http://www.joc.com/

From Baltic Dry - Capesize coming back on price but Panamax still limp noodle:
http://www.dryships.com/pages/report.asp
C

Counterpointer Thu Mar 19 10:14:30 2009 CDT #
cd says:

yet auto parts retailer AZO is higher than a bongo player in golden gate park

cd Thu Mar 19 10:18:08 2009 CDT #
hc says:

"Strong dollar meets quantitative easing. the two don't get along." Unless other countries QE even more than USA. That's a real danger. A battle and race to the bottom.

hc Thu Mar 19 10:18:34 2009 CDT #
Anonymous says:

Fair Economist says:
Yesterday, 1:40:26 PM
“Dodd's amendment was retroactive and barred the AIG bonuses. The retroactive protection was inserted in conference committee under pressure from, surprise, surprise, the Treasury department."

_______________

and today Dodd admits to role in AIG loophole :

(CNN) -- After denying having anything to do with crafting language in the stimulus bill that allowed bailed-out insurance giant American International Group to keep its bonuses, Sen. Christopher Dodd admitted that he and the Treasury Department were responsible for the loophole.

http://www.cnn.com/2009/POLITICS/03/19/aig.bonuses.congress/

Anonymous Thu Mar 19 10:23:17 2009 CDT #
Dead_Monkey_Bouncing says:

DOJ to UP: Lie down on the ground and put your hands behind your head

http://www.abcnews.go.com/TheLaw/Business/story?id=7117508

Dead_Monkey_Bouncing Thu Mar 19 10:23:42 2009 CDT #
JimPortlandOR says:

I'm already sick of the phrase Qualitative Ease. It sounds like something that occurs after one takes the purge laxative for a colonoscopy. Why can't we just say 'printing money' - that worked for lots of decades.

JimPortlandOR Thu Mar 19 10:24:00 2009 CDT #
Zephyrum says:

Speaking of manufacturing, WSJ says:
The Obama administration is planning to announce a financing facility that would provide up to $5 billion in assistance to the country's beleaguered auto-parts suppliers, many of which are teetering on the edge of bankruptcy. article

$5B doesn't sound like all that much--or maybe it's large-number fatigue. Dryfly, is this enough to help?


Zephyrum Thu Mar 19 10:24:39 2009 CDT #
Apprentice says:

Amendment to Dodd Amendment

Quite the democratic System! Senate and Congress jawbone, agree and then vote on bailout bill wording.

The Treasury says, naaaa we don't like that wording, let's change it to mean just the opposite.

Presto changeo and poof go those things that the majority voted on and those Bonuses instead of being limited, become untouchable.

Sweet :-$

Apprentice Thu Mar 19 10:26:04 2009 CDT #
Dead_Monkey_Bouncing says:

Qualitative easing, is that when you switch from the Gold standard to the Silver standard?

Dead_Monkey_Bouncing Thu Mar 19 10:26:07 2009 CDT #
cd says:

out of control- the new blockbuster movie starring Ben B, Timmy G, B obama and all the congress critter...

action packed drama that cant be missed..

disclaimer-popcorn and coke will be taxed at 75% to help with production costs...

cd Thu Mar 19 10:26:48 2009 CDT #
peAk says:

where's the breakout going to be UP or DOWN. Haven't placed any bets yet.

The breakout leaders may be the PMs, with CEF and SLW near 6 and 8 month highs. Silver up 67 cents, and my coin dealer has the best price, and as usual, no stock.

peAk Thu Mar 19 10:28:28 2009 CDT #
Bondie says:

Funny that everyone thinks we need another bubble, we have another bubble that is trying to be kept inflated by the Fed's actions yesterday. Imagine how bad it'll be when we can't even create the funny money for "bonuses"

Bondie Thu Mar 19 10:30:11 2009 CDT #
Apprentice says:

The IMF just came out with a dire warning. It is telling G20 countries to brace the Banks against a downturn. They want them to come up with a plan for the stricken financial institutions so that they don't infect the broader economy.

I kid you not!

More must be done oh bearded one!

Apprentice Thu Mar 19 10:34:42 2009 CDT #
Broward Horne says:

"Qualitative easing, is that when you switch from the Gold standard to the Silver standard?"

No, that's when you switch from the Gold standard to aluminum coins.



Broward Horne Thu Mar 19 10:34:43 2009 CDT #
Dead_Monkey_Bounce says:

Apprentice, nice to see that the IMF at least is on top of things.

Dead_Monkey_Bounce Thu Mar 19 10:37:55 2009 CDT #
hc says:

"Qualitative easing, is that when you switch from the Gold standard to the Silver standard?"
No, that's when you switch from the Gold standard to aluminum coins.
 What optimists! It's when you switch to cardboard coins, or even better electrons so it's just a SQL update statement!

hc Thu Mar 19 10:38:13 2009 CDT #
Broward Horne says:

"What optimists! It's when you switch to cardboard coins,"</ii>

Ha. That shows how much you know. The replacement costs for cardboard coins would be far higher than aluminum. Not only would they wear out far faster, they'll be in high demand for housing, while the aluminum coins will be worthless for anything at all except funeral eye covering.

Broward Horne Thu Mar 19 10:40:26 2009 CDT #
Broward Horne says:

Don't worry, boys!
There's good news today!
The ship will take six more months to sink instead of three! Double rations for everyone!

http://finance.yahoo.com/news/Leading-indicators-drop-less-apf-14689005.html;_ylt=Ah1FEGK7XK45Z54J5ZAy19i7YWsA?sec=topStories&pos=5&asset=TBD&ccode=TBD



Broward Horne Thu Mar 19 10:43:34 2009 CDT #
Dirk van Dijk says:

A bit off topic, but if anyone is interested in getting my March Strategy report, shoot me an e-mail at dhvd_2004@yahoo.com. People who have previously sent requests should have gotten a copy last week. I will put any new requests on my list to get it regularly (along with what I am posting at Zacks.com). Just my way of saying thants to the CR community.

Dirk van Dijk Thu Mar 19 10:44:13 2009 CDT #
Dead_Monkey_Bounce says:

In a more serious response to the original request which was probably about quantitative easing, the reason is that there are other ways to accomplish QE than just printing money.

Dead_Monkey_Bounce Thu Mar 19 10:44:22 2009 CDT #
Comrade Rally Monkey says:

Ok, maybe $4 citi was a little ambitious


c ya

Comrade Rally Monkey Thu Mar 19 10:44:44 2009 CDT #
Substance Over Form says:


The DOW is losing steam .
Quick , somebody throw another trillion on the fire.


Substance Over Form Thu Mar 19 10:49:38 2009 CDT #
CRbot says:

The Latest from Jesse:

The Decline of the Dollar as the World's Reserve Currency


CRbot Thu Mar 19 10:50:17 2009 CDT #
reptillian says:

Cardboard coins .. think we had those in the 1st grade when they were teaching us to count

reptillian Thu Mar 19 10:51:16 2009 CDT #
Anonymous says:

The DOW is losing steam .
Quick , somebody throw another trillion on the fire.


sorry today that will cost you 2T

Anonymous Thu Mar 19 10:53:15 2009 CDT #
reptillian says:

Good times, again? C down about 15%, BAC about 10%, financials about 6%.

reptillian Thu Mar 19 10:53:31 2009 CDT #
NateTG says:

"No, that's when you switch from the Gold standard to aluminum coins."

Until 1886, Aluminum was a precious metal. Napoleon III's good flatware was Aluminum, his less favored guests had to make do with silver.

NateTG Thu Mar 19 10:53:53 2009 CDT #
Apprentice says:

Timothy is trying to sell his 1931 New York suburbs home for 1.635 million.

The guy has done well.

Apprentice Thu Mar 19 10:54:59 2009 CDT #
Comrade Kristina says:

I wonder why MS is getting beaten up worse than the others?

Comrade Kristina Thu Mar 19 10:59:25 2009 CDT #
The Lorax says:

http://economix.blogs.nytimes.com/2009/03/10/the-lorax-was-wrong-skyscrapers-are-green/

Hey, I take offense. Straw man attack on a childrens book about unbridled consumerism or mass production leaving waste to be delt with by someone else; not about if skyscrapers are "green".

The Lorax Thu Mar 19 10:59:49 2009 CDT #
Rob_Dawg says:

Soylent Green! It's made out of money!

Rob_Dawg Thu Mar 19 10:59:51 2009 CDT #
S says:

Think about this geopolitically: the FChinese have threatened to stockpile copper and Al and buy miners etc...Commodities are in dollars and so are their reserves. Not to give the admin too much credit, but inflating the commodity bubble precludes outsiders from buying ina nd protects incumbant control mechanism...In the meantime the US consumer will be trampled but as the Judge said in Caddyshack -- "world needs ditch diggers too"

S Thu Mar 19 11:00:14 2009 CDT #
Comrade De Chaos says:

"The Moody's/REAL Commercial Property Price Index posted a 5.5% decline from December, representing the largest drop in its history. Price are now down 19.1% from a year ago and 15.4% lower than two years ago."

Comrade De Chaos Thu Mar 19 11:02:31 2009 CDT #
Comrade De Chaos says:

so .. panic mode 101 is back :)

:-$

Comrade De Chaos Thu Mar 19 11:05:11 2009 CDT #
Anonymous says:

NEW YORK (MarketWatch) -- Citigroup Inc. plans to spend about $10 million on new offices for senior executives, according to a Bloomberg report Thursday.

The changes at the bank's headquarters in New York City will include a new office for Chief Executive Vikram Pandit.

The project is made up of 17 private offices, two conference rooms and open areas, reported Bloomberg.

---------------------------------

Don't forget the commode.

Anonymous Thu Mar 19 11:06:16 2009 CDT #
cd says:

Fed ex news is sure subtle....don't think this will cheer up many...

http://online.wsj.com/article/SB123745756713282639.html?mod=yahoo_hs&ru=yahoo

cd Thu Mar 19 11:06:23 2009 CDT #
Comrade Kristina says:

It appears C is back on it's "please nationalize" me schtick...

Comrade Kristina Thu Mar 19 11:07:09 2009 CDT #
CRbot says:

New Thread: DOT: U.S. Vehicle Miles Off 3.1% in January
http://www.calculatedriskblog.com/2009/03/dot-us-vehicle-miles-off-31-in-january.html ( 1 comments )

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CRbot Thu Mar 19 11:08:32 2009 CDT #
rich says:

There is nothing about the Fed's actions that is positive for the stock market, except the short-term high.

This is a good time to get a little shorter. I'm sticking mainly with single short ETFs: EUM, PSQ, RWM and EFZ.

I don't believe it's just the U.S. market that is vulnerable. In fact, I'm more optimistic about the foreign shorts (EZM and EUM) than the domestic.

rich Thu Mar 19 11:09:10 2009 CDT #
rich says:

Sorry, that should be EFZ and EUM for the single-short foreign ETFs.

Parent Post

rich Thu Mar 19 11:09:55 2009 CDT #
Kung Fu Panda says:

FedEx:

"To further reduce costs, FedEx plans to cut more jobs -- although it didn't say how many. It also plans to scale back some workers' hours and wages and trim air and truck capacity. The company said it will not shrink its delivery network in any area.

Three months ago, the company announced broad-based cost cuts including a 20 percent pay cut for CEO Smith, a 7.5 to 10 percent cut for other executives and a 5 percent cut for thousands of others. The company froze retirement plan contributions for a year, among other cost-saving measures."

That's a negative for equities and corporate bonds. Just one of many companies to freeze 401k contribs, but highlights the trend...

Kung Fu Panda Thu Mar 19 11:29:29 2009 CDT #
mykillk says:

The chart and the text don't match up. I'm confused...

mykillk Thu Mar 19 15:32:10 2009 CDT #

END