The AP reported on a rough day on another rough day in Wall Street. It is one of the best articles I have read in awhile. Having dropped 800 points during the day, it finished at 370 less than last closing. Indeed it was rough. The article has an interesting statement : “[he] believes investors are sensing that what’s happening in the economy is a shift in the extent to which consumers and businesses take on debt.” I am interested in seeing how this will carry out. Will we have some way of engaging self-finance? It is obvious that will change banking, but how will it affect other markets. We can assume technology through forms of automation.
Also significant in the article is Joseph V. Battipaglia’s discussion on the deleveraging of economies and the open discussion that this phenomenon is occurring right now and very quickly. It will be interesting to see what will happen after the deleveraging of the economies, which is omitted from the article. I expect it to have some radical impacts on politics and perhaps even borders.
I also appreciate the candidness which fund manager Ryan Jacob openly admits that other big name players are still attempting to gain ground in the market, mentioning Buffett’s new checkmate and the melee over Wachovia.
You can find the article here.
Today, the Dow Jones dropped 340 points as the US government released its poor report on the employment status of Americans, revealing a further weakening economy. The Department of Labor’s report showed a reversal of continued decline in unemployment, with an increase of 15,000 applications for unemployment during August.
Also reported were further slumps in retail markets, that pointed to necessity spending by consumers and an abandonment of demand for luxury items.
Google’s launching into the browser wars head on with the announcement of Chrome. It’s a web browser that boasts some nice features.
- sandbox tabs for security, meaning each tab will run in its own process in the operating system.
- integrated with existing web based apps like Google Docs, Calendar, Gmail, etc.
The Windows binaries are available, but while they have stated it will be available for the Linux-based Android on the mobile platform, no current Linux binaries or source are available. I’m disappointed because I’m not sure I’m excited enough to reboot to Windows in order to find out.
This speaks volumes of their software development efforts for integrating their business into the entire user experience, from search engine to operating system, mobile phone platform, personal computers, web browser, office document suite, groupware service provider, ad content provider, automated electronic language translation and so much more… are the only things missing routers, peripherals, and servers?
Today, Yahoo gave Icahn 3 seats on the board of directors, bringing the total to eleven. Icahn takes a seat as the second largest institutional shareholder. While Icahn has failed to get a majority of seats, the situation continues to be a disruption to their business. Icahn’s unable to negotiate on behalf of the company without Yahoo’s permission, and must be allowed to participate on any committee that deals with a possible deal topic. While Icahn has a history of success in these ventures, we still have yet to see if there will be any deal between Microsoft and Yahoo.