Hello, Hello, Hello...Echo, Echo, Echo...
CNNMoney has a great article this afternoon that describes what is going on in the economy right now. The piece echos a lot of what I have been saying about the economy lately. It actually is pretty scary how much on the same page the author and I are. I'm obviously not implying that the author has been reading my blog, just that he and I may be long lost cousins. Hold on, I'll check who wrote it, I never look at authors' names. Huh, Funny enough, I actually have spoken with and provided information to Chris Isidore a number of times in the past, though not in a couple of years. He's a really nice guy and apparently we have the same view of where the economy is headed. Here are a few quotes from the story that I completely agree with and in most cases have blogged about lately:
"But the real problem for workers is that slim salary increases may not keep up with inflation, especially with food and energy prices soaring."
"Inflation pressures could intensify further if the Federal Reserve continues to slash rates in an effort to spur the economy. That's because the Fed's rate cuts have been one factor behind the weak dollar."
"Ashraf Laidi, chief foreign exchange strategist for CMC Markets US, said the dollar could lose another 5 percent this year versus both the dollar and the yen as the economy continues to slow. He thinks it will be 'difficult for the dollar to make any recovery' if the Fed keeps cutting rates."
"Auto woes: Not just Detroit any more"
"And the weak economy is starting to hurt overseas automakers like Toyota Motor, which also saw U.S. sales fall in the first quarter."
"Simply put, fewer auto sales could lead to a deeper recession."
What job woes mean to you
Great article. Check it out. Do you agree with what it says? Let me know.
Have a great weekend,