Our "great pres." is a complete moron. if he cant make us some money, what good id he?
and dont start blaming clinton.
today his statemnet is so weak, almost as weak as his dad.
how bout coming out strong and attacking those enron worldcom folk.
but no, " those be my good oll boys".
this guy is such a loser.
every month our econmomy gets worse and he does nothing!!!!!!!!!!!!!!!!!!!
this is the time we need him to put those bozozs in prison.
not come off as a silver tongue, rich, dwi, coke head that he is.
"The folks working at ENRON, WORLDCOM, etc., weren't complaining when the stock was soaring and returning a nifty profit..."
For those not paying attention, the profit was "nifty" all right - so slick, it didn't actually exist.
Very well put...it is integrity that rules the day. Because these CEO's lacked the integrity does not mean that all CEO's are to blame. The way Congress is headed is scary for many businesses because the course is guided by politics of the day rather than a well thought out set of policies. They did the same thing about 30 years ago and the result was disasterous for businesses. Markets will, by themselves, correct these fraudulent issues (Ex. Investment banks and individuals will require full disclose on all off-balance sheet transactions, businesses are going the extra mile to prove clarity of businesses practices). I wish the government had as good of a self correcting mechanism.
In the end, the CEO's that committed fraud will go to jail...as well as they should.
Integrity will reign.
Whose fault is it? Not mine. It's the "other guy" ... whoever that is.
Truth is ... everyone of voteing age is at fault ... we vote these folks into office and then bitch, bitch, bitch ... vote them out and somebody else in and bitch some more.
As for businessmen, do you thing businessmen pay every penny of taxes that are warranted or do they tweak a little here and a little there to save a penny here and a dollar there?
The folks working at ENRON, WORLDCOM, etc., weren't complaining when the stock was soaring and returning a nifty profit, only when the floor fell out did they complain. Unfortunately, many folks now adays have no problem "looking the other way" when it's to their benefit to do so.
The MOST difficult thing to do it maintain one's INTEGRITY at the risk of peril to one's ownself and more importantly one's family and loved ones.
In the end it's ALL ABOUT THE BENJAMINS!
Yes it is good Billy Boy is not in office. However, he cant be blamed for everything that is wrong in this country nor should George Bush. However, I would guess you would agree with me that most people vote with their pocket books. Unless things change soon I would imagine some Republicans (not necessarily all) would face an electorate which
is no so happy.
ABC has taken about a 25% drop in all of this. I dont expect to see it recover after the quarterly results are announced nor under the current senario I dont expect to see it back in the 80s by years end. I believe we are all in for a long down turn time. My opinions only though. Ya'll have a good day.
The Southern Viewpoint--
If you have read anything on Halliburton...and I have, it does not appear as though Cheney did anything that was illegal. Second, Bush's Harkin...how many times does he need to be cleared.
Regarding fixing the mess, I would rather have an administration with business ties and experience fixing the problems than a bunch of self-interested lawyers. Lawyers without any business experience (career politicians) only can bring disaster to the business environment because all their actions will be politically motivated rather than solution oriented.
There is a world of difference here. Thank god Bill Clinton isn't in office...or do you think he brought integrity to the White House.
You read entirely too much into my comment, I did not mean to indict all businesspeople. Who would be so foolish as to make such a sweeping generalization?
Does the name Halliburton mean anything to you? I think we both know what type of a businessman our esteemed vice-president was.
Your comments about needing to hold government responsible are well taken, but I don't believe the current administration have the character or the history to make them believable in the role of restoring honor and integrity to the government.
By your comment you are implying that if you were a business person, you were in some way responsible for the corruption of certain individuals. That is absurd!!
Most business owners are very upstanding citizens that take ethics and honor very seriously.
If you are to indict business people, why don't you spend some time looking at government. I will give an example. MCI's fraud was 4.3 Billion...Every year, the government's medicare system looses approximately 12-15 billion due to fraud. Who is the bigger crook.
People like you are indicting business owners and operaters. These are the people who take risks and fund over 75% of the government functions. They are also required to balance their books every year and thus account for every dollar.
Did you know that no government agency has been able to balance their books (This includes the SEC). In fact, every agency has failed their external audits. Would you hold their bosses accountable? The CEO's of WorldCom and Enron may go to jail for their management mistakes. What about the agency head for the Department of Education who cannot account for hundreds of millions of dollars under Bill Clinton? Shouldn't they be held to the same standard?
Stop the double standards and lets hold our government officials to the same standards that they hold the private sector. When this happens you will find a whole different world and viewpoint.
These Worldcom hearings of the House Financial Services Committee are detrimental to investor confidence in American capital markets. Congress needs to conclude these hearings post haste. Look at how the stock market swooned when Congress did their Enron "dog and pony show". The actual news of Enron's debacle had been known by the capital markets for some time, and the reaction was seemingly priced into the market indexes accordingly. Yet it was only coincident with the Enron hearings that the entire stock market became involved in a sizable decline that is still evident today. Congressional hearings are unduly fanning the flames of market discontent and disinvestment in our capital markets.
This comment written yesterday is from market pricing expert Paul Cherney of Standard and Poors: "I have great confidence in the weekly indicator I have referred to (which recently hit oversold levels similar to Sept 2001, March 2001, October 1998, October 1990 and December 1987), but I have not seen the typical rebound in prices that I have seen in the past. I will be reviewing the prior oversold signals again to determine if there is anything different this time (I have already done this before, literally spending hours looking at different measures of volume and price but I have not been able to come up with anything truly different this time. Maybe it's just wrong this time. The bull market of 1995-2000 kept going well beyond what seemed rational, maybe this bear market is destined to do the same thing)".
What is truly different this time? In other financial meltdowns Washington D.C. was generally supportive of investor confidence. This time around there seems to be little regard for investor confidence. Instead, there seems to be a rush to grab the spotlight (likely often for political gain), and lay bare any and all conceivable problems with our accounting and regulatory system for the entire world to see in the most public ways. Congress should pass laws, reform necessary things as can be best settled upon. Yet stop these public forums that are undermining confidence in our capital markets. How can that be good for the country?
If you were a portfolio manager with funds invested in U.S. markets, and persons of political status seemingly publicly denounce in a continual litany the nation's chief securities regulator, the accounting profession, corporate ethics, and investment advisors; what would you be inclined to do with funds invested in U.S. companies? Funds invested in the capital markets are the grease that keeps this country growing. Contributing to poor investor sentiment stifles innovation, job creation, and economic productivity; thereby resulting in lower tax receipts and a larger deficit. Congresss needs to conclude these Worldcom hearings swiftly, and consider well the harmful ramifications before resuming any similar hearings in the future.
Congress merely needs to enable the S.E.C. to do their job. Let the Justice Department deal with crooks. Congress should diligently strive to pass any legislation that may be required, without such an excess of harmful publicity.
Bush dropped the ball!! He had a chance to make an impact but he's been unfortunately misled by all the corporate henchmen looking out for their own butts telling him to go easy. He offers only words, not substance. His defense of Harvey Pitt is indefensible. His failure to act opened the way for Democrats to go after him causing all kinds of worries for the market. He certainly doesn't offer any sense of leadership for the market to follow.
You must be a democrat - and a complete idiot to boot. I don't think I'll even take the time to explain why since you are so deceived and convinced by typical mass marketed media that Bush is bad and Clinton was better.
Bush IS the best role model, God fearing President - not to mention world leader - we have had in some time.
Pll your head out and get a clue.