Morning Audibles - 9.16.10

Random stuff this morning for this OPEX Thursday...

Geithner Says U.S. Examining Ways to Push China on Yuan Rise

http://www.bloomberg.com/news/2010-09-16/geithner-says-u-s-to-urge-china-to-speed-up-too-slow-yuan-appreciation.html

"The U.S. yesterday filed a pair of complaints against its second-largest trading partner with the World Trade Organization, and lawmakers facing elections in November are introducing measures allowing companies to pursue sanctions against China for its currency stance..."

Busy guy, that TG... Here he was earlier in the day explaining how to avoid the "double dip"...

NO DOUBLE DIP

http://www.youtube.com/watch?v=YWuSi00CcNk

Nice to see he's on the same page with his boss...

Obama Turns Focus to Trade as Way to Encourage Economic Growth

http://www.bloomberg.com/news/2010-09-16/obama-turns-focus-to-trade-as-way-to-encourage-economic-growth.html

"The report recommends the government increase the number trade missions and step up promotion abroad, increase financing for the purchase of U.S. exports and finish work on pending free trade accords with South Korea, Colombia and Panama.

Friction With China

The advisory group didn’t address the value of China’s currency, which labor unions and some lawmakers argue is a barrier to U.S. exports and job growth..."

Let me get this straight... We're AT ODDS with China on currency manipulation, and will probably start mouthing off about TARIFFS, yet we want to pursue FREE TRADE agreements so as to "double exports"... Did I get that right?

Oh, and what's on the table, (to "step up" exports), is to "increase financing for the purchase of U.S. exports"... Yeah sure... That strategy worked real well for LUCENT... Anybody remember them?

If not, I'm sure many will remember this...

But my question is... Why all the fuss?... I mean, weren't we FORCE FED a trillion dollar stimulus package at the beginning of this Administration (along with countless programs called, "Cash for Clunkers", "tax credits on homes", foreclosure relief, shovel ready jobs, extended unemployment benefits, bailouts, guarantees, backstops), hell, we even got a bump by employing census workers... We should be in the clear by now, right?


Where did all the money go? Where are all the jobs created?


Umm... Not HERE I guess...

FedEx Reports Profit That Trails Estimates, Announces Job Cuts

http://www.bloomberg.com/news/2010-09-16/fedex-posts-profit-that-trails-estimate-announces-plan-to-cut-1-700-jobs.html

FedEx Corp., the second-largest U.S. package-shipping company, forecast earnings for the current quarter that fell short of analysts’ estimates, and said it will eliminate 1,700 jobs...

I suppose there's only one thing left to do... Just pump it into the stock market... Hell - EASY AL even said over this past summer that he'd be on board with that... Anything... Anything at all to cover up this mess...

Retirement on Hold: American Workers $6 Trillion Short

http://www.cnbc.com/id/39177278/

This comes amid recent reports indicating that a White House-created panel is considering proposals to cut Social Security benefits and raise the retirement age.

But CV is WAY too 'pessimistic', right?... My biggest problem, obviously, is that I don't see the POWER that these "behind the scenes" lever pullers actually possess... I mean hell... You can see it in STOCK PRICES right? The stock market is going up so the economy must be fine... THINK PINK (I oughta)...

Excuse me, but until I see some real acknowledgement of the problems, all I see is this...