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July 29, 2011     Post-Gazette
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I! Page 4 POST-GAZETTE, JULY 29, 2011 with Ben Doherty by Sal Giarratani THE U.S. COULD LOSE ITS AAA CREDIT RATING Standard & Poor's made noises of a possible down- grade of the U.S. debt when it warned of a 50% chance of a downgrade within three months, S&P said that it will likely affirm the AAA rating if Congress and the White House arrive at a deficit re- duction package of 84 trillion dollars. If the agency is con- fident that the deal would be implemented. S&P noted that it has U.S. debt reach- ing 84% by 2013. S&PP has a growing concern about po- litical gridlock "an inability to reach an agreement for several more years. AAA im- plies that the borrower can pay their debts, come hell or hard water. A downgrade for the U.S. might raise inter- est by 25-50 basis points and slow GDF growth by a simi- lar amount. Back in 2009 S&P threatened a downgrade of the UK debt later affirm- ing the AAA rating after the country began implement- ing an austerity package. Moody's has said, based on the U.S.'s economic strength including its reserve status it would give the U.S. a bit more wiggle room than other AAA rated countries like France and the UK. Still Moody's said last week that it would likely put a negative outlook on the U.S. credit rating unless the deal to lift the debt ceiling includes sub s[an[lal long-[erm (leL[ re- last week unless the deal to lift the debt ceiling includes substantial debt reduction, they would need substantial tax hikes. The UK undertook too much fiscal austerity to retain their rating as com- parison. Sean Egan of Egan Jones recently removed an F from its U.S. credit rat- ing due to current debt levels and challenging de- mographics in the United States. Specialty metal-maker Carpenter Technology is benefiting from new aircraft orders and it means more business for specialty com- panies such as Carpenter Technology which sells spe- cialty metal, alloys, stainless steel, and titanium for jet engines and specialty air frame structures used in jet engines and air frame structures. On 40% of its business and is growing at a rapid rate off a cyclical low said Carpenter's CEO Wulfson. Soaring orders from China and other Asian mar- kets. The new planes are larger and need to conserve more. AMR Corp., American Airways announced a record breaking order for 460 single aisle planes from Boeing for the airbus. The $38 billion deal will boost deliveries 15% next year, and to 1191 after rising from 1034 this year. Carpenter producers nlcL1 alloys igi engines, landing gears, and wings. The Boeing Dream- liner, which has been delayed is now on stream duction. Borrowing has show no signs of tracking a lower path and spending remains elevated. Still Moody's said TRIDUUM IN HONOR OF MONASTERY OF ST. CLARE, JAMAICA PLAIN August 8, 9, 10, Masses at 7 PM August 11, Mass at 11 AM If unable to attend intentions may be mailed. FUNCTION FA CILITY Please accept sincere condolences, from the Spinelli's family and staff. During this difficult time, we would like to offer our facility at a specially reduced price, for you, your family and friends. SERVED UPON ARRIVAL Coffee, Mini Danish Pastries and Tea Breads BUFFET LUNCHEON MENU Tossed Salad, Assorted Roils with Butter Chicken, Ziti and Broccoli Alfredo Eggplant Parmigiana Italian Sausages, Onions and Potatoes Above price does not include a 15% Administration Fee and a 7% Mass State Tax. 280 BENNINGTON STREET, EAST BOSTON, MA k% ,'d.~ %L%* ....... %%%%%*.%L%*i** .%..#, ,+.o2"...~=~.*:~*i,.* *." t ~.*.*, .~, to be produced and will roll out soon. The plane uses eight times more titanium fastenings than the 737. Carpenter signed a 10-year agreement with Goodrich for its landing gear compo- nents for the F-85 Joint Strike Fighter and the F-35 Lightning II Joint Strike Fighter. To boost its capac- ity it agreed to buy Latrobe Specialty Metals. The value was $558 million will bol- ster its business in nickel alloys. Energy related sales rose 136% in the last quar- ter to $ 53.9 million. Other sectors Carpenter sees are automotive and medical equipment (knee and hip re- placements) and consumer products for golf clubs and bicycles, which is 10% of sales. NASDAQ rose .9% for the week, the rest of the mar- ket was flat. The Philadel- phia Index rose 2.4%. The S&P 500 added. 1%, while the NYSE composite slipped frac- tionally. Volume was down sharply on both exchanges. Earnings were the catalyst for most of the action. Travel Zoo fell 23%. Fortinent slid 21%. Riverband Technology dived 19%. Three stocks that beat the estimates rose. Gardiner Surgery Co., rose 13%. Alexion Pharmaceuti- cal rose 13% and Robotic Technolog2- rose 9% . volume trag for 0 0h. C0v0rn- merit debt problems in the U.S. and Europe continue to inject uncertainty in the market. The 2"d quarter earnings will be announced next week and will play a key role. Compromise is needed as August 2nd is D-DAY. The President and Congress must come together for the sake of our nation. The bill in Congress cuts spending and is fair. The 2002 tax bill was enacted to come into effect in 2011 cutting huge benefits from the top earn- ers and those that get big tax right-offs. It's time to call your finan- cial advisor or call me at 617-261-7777. Rapino Memorial Home 9 Chelsea St., East Boston 617-567-1380 Kirby-Rapino Memorial Home 917 Bennington St. East Boston 617-569-0305 Dino C. Manca Funeral Director A Family Service Affiliate of AFFS/Serviee Corp. Int'l 206 Winter St. Fall River, MA 02720 .... , 508-676-2454 THE AUSTIN-BOSTON CONNECTION Continues The so-called Austin-Bos- ton connection began out in Los Angeles back in 1960 at the Democratic National Convention where then-U,S. Senator Jack Kennedy won his party's presidential nomination in a very tight race with a number of U.S. senators all wanting to re- place the retiring President Dwight David Eisenhower, a strong Republican and au- thentic World War II military hero. Democrat Adlai Steven- son tried twice in the fifties and failed to beat him. Lead- ing candidates besides Ken- nedy included U.S. Senator Hubert H. Humphrey, who started his career in politics as the young mayor of Min- neapolis in 1948 and Senate Majority Leader Lyndon Baines Johnson, D-Texas. Most Democrats opposed Kennedy's choice of John- son, but Kennedy knew he needed Johnson on the tic- ket in order to beat the Vice President Richard Nixon that November. Matching Texas and Massachusetts got Ken- nedy just enough votes to win. Without Johnson, Ken- nedy would have surely lost in 1960. Thus was born the Austin-Boston connection. For the Giarratani family, the Austin-Boston connec- tion wa~ personalized when my n0ph0w, Dominie P. Giarratani Ill, graduated from Boston Latin School in 1988 and headed to Austin, Texas that fall to the Univer- sity of Texas/Austin, where he eventually graduated to the LBJ School of Diplomacy in 1992 where he earned his master's degree. He fell in love with Texas and is now for all intents and purposes a Texan by choice. He got married and has a Texas family now living in Austin since age 18. He currently is an educational lobbyist at the state capitol. I've been down to see him from time to time and also love Texas and the City of Austin. Next to Boston, Austin is tops with me. The climate is nice. The people are nice. The politics are nice. I enjoy being a part- time Texan. There's a great pool at my nephew's country club. Up here, I have the Mirabella Pool over in the North End. Down there, the women are fine. Up here, they are too. Downtown Austin is great to walk around and the same thing up here. Down there, the locals have a strong accent. Up here, we do too. Down there, they have a growing Hispanic population. Up here, take a short walk around East Boston. Austin is the capital of Texas. Up here, Boston is the capital of Massachu- setts. Down there, they have a great governor in Rick Perry. Up here, oh never mind, that's not a good com- parison, is it? I get my news- paper commentaries printed all the time up here. On va- cation, the same thing hap- pens down there, too. Down there. I drink at Starbucks. Up here, ditto. Up here, I'm a conservative. Down there, the place is so conservative, they call me a liberal. Austin and Boston should be sister cities. Austin has the Texas Longhorns, and we have the New England Patriots. Up here, we have the Boston Red Sox. Down there, they have the Austin Express. Down there the weather is always nice. Up here, we wish that were true for us too. by JudeanLangone Thet . are no absolutes -- except God. Fully lnsured Uc #017936 Heating & Air Conditioning Sales, Service & Installation Ken Shallow 617.593.6211 kenskjs@aol.com LAW OFFICES OF FRANK J. CIANO GENERAL PRACTICE OF LAW DIVORCE WILLS * ESTATE PLANNING TRUSTS CRIMINAL * PERSONAL INJURY WORKERS COMP. 617-354-9400 Si Parla Italiano 230 MSGR. O'BRIEN HIGHWAY CAMBRIDGE, MASSACHUSETTS 02141