In an interesting note from US Fed Chairman Ben "I’m not Greenspan" Bernanke, he has testified that "Overall, the U.S. economy seems likely to expand at a moderate pace this year and next, with growth strengthening somewhat as the drag from housing diminishes," the Fed chief said in prepared remarks to the Senate Banking Committee. (Source: AP)
Translation: We’re holding our breath until the last of the bank foreclosures come down.
Right next to that story was an economic nut-kick. DaimlerChrysler AG announced 13,000 job cuts. By cutting shifts at various plants, like St. Louis South and Warren, as well as gassing about 2,000 Canadian jobs in Windsor and Brampton, DaimlerChrysler hopes to get somewhere near grotesquely obese profitability, rather than nicely rotund profitability.
Last year DaimlerChrysler had to suffer through making only $7.28 Billion US in profit on sales of $62.2 Billion US. Some financial-analyst said that the cuts were part of it, but you have to improve you product mix. I suspect that most financial jagoffs wouldn’t know which end of a car has the engine but judge the company on how shiny the cars are.
Nobody asked if any of the 13,000 people being cut will buy another DaimlerChrysler product. After all, that is a question about little people who actually make things, not important people who have to consult a balance sheet and two lawyers before they take their morning poop.
The US Midwest and a piece of Ontario have been whacked by a winter storm that has dumped many inches of snow, sleet, ice and freezing rain all over the place. The Anti-global warming people say that this is just further evidence that climate change is bogus.
The rest of us, who actually have our wits about us, look at the calendar and say: "Hmmm. February: Anything is Possible. As long as frozen frogs are not falling from the sky, then we’ll go to work."
By the way, to answer the breathless question: Yes, Anna Nicole Smith is still dead.
RoadDave 