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May 7, 2010     Post-Gazette
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Page4 POST-GAZETTE, MAY 7, 2010 kin THE First quarter GDP rose 3.2% as the recovery con- tinues but at a slower pace. The U.S. economy continued to grow fueled by consum- ers, the Commerce Depart- ment reported. GDP rose at a subdued growth rate the third straight quarterly rise after a long deep reces- sion, down from the 5.6% pace in the fourth quarter, but missed Wall Street's views for a 3.3% gain. The economy could grow further in the second half of 2010 as stimulus and inventory building wane, and consum- ers remain weak to practice a strong recovery quarter after quarter, analysts pre- dict. Wall Street looks at fur- ther growth in the second half of the year, but at a mod- erately lower pace than what we had in the second quar- ter, said Keith Hembre, CEO of First American Funds. Stocks sold off on news of a criminal probe of Goldman Sacks which sold off 9%, and they expect it to widen to other financial firms. At this point in 1983 given the depth and duration of the down turn, GDP surged at 9.3% pace, then had five straight quarters of at least 7% growth. The jobless growth at 9.7%, near a 26-year high, is expected to remain high for some time. Investors expanded at $32 billion in quarter one, the first in- crease in four years. Con- sumcr s~cndiIl~ rose at a 3.6% pace, a three-year high. Home prices seemed to have stabilized, but soft sales, mounting foreclo- ECONOMY RISES AGAIN sures, and the expiration of the $8,000 tax credit are risks going forward. Outlays for residential structures sank 10.9% in 2009. Federal stimulus is peaking while state and local budget cuts intensify. Meantime ISM- Chicago said Friday that its regional factory index rose to a five-year high in April. Manufacturing is rebound- ing strongly on the U.S. and global recovery. Federal Reserve policymakers reit- erated their vow last week to keep interest rates low for an extended period of time. They are probably about a year away or longer unless the economy starts coming back strongly, said Bernanke, Fed Chairman, before Congress. Competi- tion among tech companies is fierce, but respectful, and there are times when they just hate each other. Per- haps more than any other industryI Tech rivalries can get nasty, with executives sniping at each other, run- ning negative ads, filing lawsuits, and inciting em- ployees to crush the other guys. But rivalries also serve to rally the troops, boost mo- tivation, and make compa- nies work harder. Rivalries can help a customer get an edge in a new business area form a battle to control an area central to a company's future. Hewlett Packard's plan to buy Palm, started a rivalr~r of a~:>~Ic and Hewlctt Packard. There are at least ten different rivalries today. Apple and Google easily top the list. Once they were best friends now they are at war. Google's CEO, Eric Schmidt was an Apple direc- tor then Apple launched the iPhone by providing maps, search, and YouTube videos. Schmidt resigned from Apple's board in August 2009. Since then the relationship has been frosty. Apple sued the company in April 2010 for patent infringement. Steve Jobs, CEO of Apple said that "competition is healthy, "but competition should cre- ate their own original tech- nology not steal ours." Cisco and Hewlett Packard are now rivals as Cisco bought a Nor- way based company Tanbery. The buy will boost Cisco's video conferencing business where its biggest rival is Hewlett Packard. Goldman Sacks fell on a criminal probe that the government is launching against its mortgage divi- sions for fraud. Other banks also fell sharply, on this probe. The shares fell 9% and other banks fell sharply as did Citigroup and Bank of America. Oil is selling at $86/barrel and gold is up 6% because of Greece, Por- tugal and Spain as investors sought refuge in gold to $I,180/oz., as investors trig- gered risk aversion flight to safety. This is an 18-month high on all metals and oils. Greece is expected to get some emergency help soon within three days to pay their bills. It's time to call your financial advisor or call me at 61 7-261-7777. HEWILBUR.COM by Sal Giarratani Where's Charlton Heston When You Need Him? The world is getting sicker and sicker ff you keep up with the news happening around us. Recently, there has been a spat of cat torturing in North Quincy. How sick can some folks get? Residents of the neighborhood are keeping their house cats under lock and key. There have been three cases so far including the aunt of a co-worker of mine. She put her cat to sleep because of the pain it was in. When they catch the culprits, I think the appropri- ate punishment might be placing them in a cage with four or five Zoo lions. A good mauling seems like justice, doesn't it? Meanwhile, what about the two kids -- one was a two- year-old and the other was II years old suffering from autism. They ended up in the middle of Columbus Avenue in heavy traffic. The father was apparently home but fell into a deep sleep. He had no idea the kids left the place. Perhaps, sleeping was not the best activity for a watchful parent keeping his children safe from harm. Meanwhile, back on Colum- bus Avenue, more idiocy pre- vailed. If you were driving down Columbus Avenue that afternoon and saw a 2-year- old with an 1 1-year-old cross- ing the street right in front of sponse be? First, let me tell you it probably was followed that afternoon. Seems most drivers simply swerved around the two kids as ff they were evading a wind-blown trash can on the road. Pass the kids on the left, pass the kids on the right or maybe some just blew their horns at 4he children to move over. One lady did the right thing. She stopped in her tracks, blocked the road with her car and pulled both to safety. This lady was being called a hero for her actions but I'm sure she just thought she was do- ing the right thing. Witnesses to it all said, the woman prob- ably kept those kids alive. In the old days, torturing animals or pretending there aren't kids in the middle of the street would have been unheard of but that was yes- terday. Today too many of us have become so involved with ourselves, we simply forget about what and who is around us. Too many of us have come to accept this new brutality among human beings. Recently, researchers have found that chimps mourn and cry when another chimp dies near them. Chimps appar- ently can grieve which most of us seem to have lost the capacity to watch out for each other and value all life our us. Back in the day when I was a kid, folks would say, "Don't make a monkey out of me." As if monkeys were lower than us. However, recent news now seems sadly to in- dicate that monkeys may now be telling their offspring "Don't make a human out of Remember back in the late 60s and early 70s when Hol- lywood produced all those "Planet of the Apes" movies? Does any of this sound famil- iar? Let us hope things start improving in this '}Ist cen- tury and soon. LAW OFFICES OF FRANK J. CIANO GENERAL PRACTICE OF LAW DIVORCE * WILLS * ESTATE PLANNING * TRUSTS CRIMINAL * PERSONAL INJURY * WORKERS COMP. 617-354-0400 Si Parla Italiano 230 MSGR. 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