Global Business Leaders Now Worried About the Economy

[Omaha Steve]

http://blog.aflcio.org/2006/08/04/global-business-leaders-now-worried-about-the-economy/

Economy

Aug 4

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Global Business Leaders Now Worried About the Economy

The Middle East may be in crisis, people in this country may be burning to a crisp and President Bush may be on vacation, but yes, it could get worse.

At least that’s what global corporate leaders think, as they voice concerns about deteriorating business conditions for the first time in three years, citing turbulent markets and an expected slowdown in the United States, according to the London Financial Times. Today’s news that the U.S. unemployment rate worsened to 4.8 percent in July, a big jump from 4.6 percent in June, further provides fresh evidence that economic turbulence lies ahead.

Sandra Lawson, a senior global economist at Goldman Sachs, told the Times:

There has been a change in sentiment. Chief executives appear more concerned about economic uncertainty than any time in recent quarters.

According to the Times, the Goldman Sachs Confidence Index, which is based on chief executives’ assessments of business conditions and regarded as a leading indicator of corporate sentiment, has declined dramatically in the third quarter after buoyant readings in the past few quarters.

he deterioration was starkest in the United States, where the index has fallen to 39—its lowest level since 2002 and well below the four-year average. The decline in Europe has also been steep, plunging from 75 in the second quarter to just 43.

The index for the global business outlook has plunged from 71 in the second quarter to 42, well below 50—the dividing line between executives who think conditions are improving and those who believe they are worsening.

U.S. Treasury Secretary Henry Paulson, who recently took the job after many years at Goldman Sachs, also made noises this week about the U.S. economy not benefiting everyone, as the Bush administration would have us believe. But while Paulson is stating the obvious, his motives for speaking out also may have something to do with paving the way for Social Security privatization. Judging by many recent comments by Bush-backed lawmakers, Social Security privatization likely will be a top priority for Congress—unless working families get out the vote this fall.

[gasperc]

1. oh what greed has wrought

too bad the GOP controls the house, senate, presidency and the court system for the past 6 years, yet will still manage to blame Clinton and the democrats for the oncoming train wreck

[welshTerrier2]

2. we need radical changes if we are to survive ...

nationalism, militarism, racism and all sorts of other isms are killing us ...... did anyone think we could just go merrily along ignore the need for humans to create a positive world? while we're so busy clawing and scratching to get ahead, our problems only deepen ... here's a hint: competition may motivate some to action but it motivates most to the wrong actions ... without cooperation, it's all going to come apart ...

just look at global warming ... does anyone really not see how it might quickly destroy the global marketplace ... commerce will be crushed ... markets will become incredibly unstable ... no one can do business in that, if you'll pardon the pun, climate ...

and we cannot allow the unrestrained sales of deadly weapons all over the world ... if this trend continues, there will be deadly and destructive wars everywhere ... commercial suppliers will be unable to produce anything ... shipping and transportation will be disrupted ...

and nationalism is killing us ... instead of working cooperatively with other countries, we are spending all our resources grappling for the last of the oil ... if the national and international will is spent on armies, it is not being spent developing alternative fuels ... it seems we would rather fight than switch ...

markets for goods and services and currency markets are going to be badly destabilized because we have not learned to live cooperatively on the planet ... what did anyone expect to happen? it may not all fall apart today or tomorrow but it is going to fall apart and it seems like the darkness will be coming sooner rather than later ... truly, we deserve what we get ...

[Oversea Visitor]

3. Get a brain

Good economy always supported by good demand
You screw around with the biggest consumer.... the bottom half of the income group
You totally screw the economy
Who is going to consume all the good produce if got no money to buy.
It is not the number of millionaire or billionaire you has
But a happy and properous bottom half of the income group that is important.

Gee tax break for rich to give economy a kick start. Some people born stupid
3000 elite can consume more than the 250 million other American
Oh well to each his own

[butterfly77]

4. Now they worry ...

what has happened have they seen the light, is the stock not moving from the shelves etc...
they follow all of the bushit and believed all of these lies for the past six years, now the truth is coming to the light and can't be hidden any more.

[VaYallaDawg]

5. And stock is going to have even more trouble moving off

the shelves as the cost of driving to the stores gets higher and higher and higher ....

[Nay]

6. Gosh, they destroy the unions, ship good jobs overseas, give

H1B visas for foreigners to take the jobs that can't leave, shutter the factories, and NOW they wonder why we can't buy anything??? Jesus H. Christ. And these people head up our industries. We are truly doomed.