March 12, 1992 |
Blue-chip stocks sank yesterday and bond market interest rates rose, partly because of comments by President Bush who said that he was more concerned with economic growth than about the high level of long-term rates - now approaching 8 percent. The Dow Jones industrial average closed down 22.36 points at 3,208.63, with New York Stock Exchange volume at a strong 185.3 million shares. "I think now the answer is to keep working with the Fed," Bush told reporters. "I think what the Fed has done is good.
July 3, 1993 |
NEW YORK MANY AT IBM TAKING BUYOUT IBM may lose 50,000 or more workers this year, twice as many as the company planned, because thousands more employees than expected are taking advantage of incentives to leave the struggling computer maker. The company is considering a $2 billion charge against second-quarter earnings to pay for more layoffs and voluntary resignations. It has said it would shed more than 25,000 jobs this year. Wednesday was the last day for IBM workers to take retirement incentives that, in some cases, included up to a year's pay and 18 months of paid medical coverage.
July 18, 2001
It is disheartening to witness the recent tumult in Northern Ireland (Inquirer, July 15). While conventional wisdom credits Irish Prime Minister Bertie Ahern, his British counterpart Tony Blair and former President Bill Clinton for the political stability achieved by Ireland in the last few years, I would like to propose that another individual is almost single-handedly responsible for creating an environment in which the movement toward peace and...
June 27, 1996 |
Have you ever wondered why, in the midst of a long period of a relatively healthy state economy, Pennsylvania's state budget can be balanced only through cuts or freezes in services? Gov. Ridge has proposed a state budget for fiscal year 1996-97 that calls for major reductions or freezes in health care, mortgage assistance, welfare, mass transit and education. He also has proposed new corporate tax cuts and increased spending for prisons. State programs that have been in effect for years are being dismantled to pay for tax cuts - primarily for corporations - enacted in 1994 and 1995: Act 48, passed in 1994, reduced Pennsylvania's corporate income tax rate, phasing in the reduction by decreasing the rate, from 12.25 to 9.99 percent, over several years.
May 30, 1995 |
With the stroke of a brush (Ernst & Young accounting report), Mayor Rendell has painted riverboat/casino gambling as the panacea that will solve most of the city's financial problems, just as casino gambling was supposed to solve many of Atlantic City's problems. Lest we forget, crime, prostitution, ruined neighborhoods, increased property taxes, more policemen, underage gambling, government corruption and dysfunctional families are the casinos' legacy to the people of Atlantic City.
October 30, 2008 |
The Federal Reserve cut a key interest rate half a percentage point yesterday in a bid to revive an economy reeling from the most severe financial crisis in decades. The central bank reduced its target for the federal funds rate, the interest banks charge on overnight loans, to 1 percent - a low last seen in 2003-04 as the nation was recovering from the 2001 recession and terrorist attacks. The funds rate has not been lower since 1958, when Dwight D. Eisenhower was president. The cut was the second this month and brought the rate down from 2 percent.
April 27, 2009
CONGRATS to the letter-writer who penned "The 'Free Transit' Option" (April 21) for thinking BIG! Free transit in Philly would be an excellent stimulus for the city and its residents and could offer a model for the rest of the nation. We haven't been utilizing the infrastructure the city is fortunate to have to make the city more livable and, in the process, "green. " Recognizing that fares, a major expense in the lives of most workers who use SEPTA, are a relatively minor amount of the system's budget and inhibit the use and growth of quality public transit is the kind of thinking needed as we create a new, more functional economy.
January 30, 1992 |
Contrary to what one might assume, financial success actually undermines the chances for happiness. Or so says psychology professor Paul Wachtel. Wachtel, a professor at City College in New York and author of The Poverty of Affluence, spoke about material gains and the search for happiness to open the spring lecture series at Widener University on Monday night. "The truth is, if we stop trying to achieve economic growth, we'll enjoy life more," he said. "Our happiness depends on relationships, friends and community, not material gain.
February 5, 2001
What Ronald Reagan has done is incorporate our past into a new perspective on the American future, of which he has given us the outlines.. . .But the outlines are clear enough - a rediscovery of the importance of individual self-reliance, without which programs incorporating political compassion end up in perpetual frustration; a renewed emphasis on those moral values that bind individuals to their families and communities and that give the ultimate meaning...
February 1, 2012
Federal Reserve Bank of Philadelphia President Charles Plosser said he didn't support the central bank's decision last month to extend the time frame for low rates at least through late 2014. "Economic conditions have modestly improved since our December meeting, especially on the employment front," Plosser said today in a speech to the Main Line Chamber of Commerce in Gladwyne. "I saw little justification to further ease monetary policy. " The Federal Open Market Committee on Jan. 25 extended its commitment to keep rates low by at least 18 months as moderate rates of economic growth have failed to reduce unemployment below 8.5 percent since the 18-month recession ended in June 2009.