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Voice of America, 98-12-22

Voice of America: Selected Articles Directory - Previous Article - Next Article

From: The Voice of America <gopher://gopher.voa.gov>


CONTENTS

  • [01] N-Y ECON WRAP (S & L) BY BRECK ARDERY (NEW YORK)
  • [02] TUESDAY'S EEITORIALS (WASHINGTON)

  • [01] N-Y ECON WRAP (S & L) BY BRECK ARDERY (NEW YORK)

    DATE=12/22/98
    TYPE=CORRESPONDENT REPORT
    NUMBER=2-243428
    CONTENT=
    VOICED AT:

    INTRO: STOCK PRICES IN THE UNITED STATES WERE UP TODAY (TUESDAY) AS THE U-S CENTRAL BANK DECIDED TO LEAVE INTEREST RATES UNCHANGED. V-O-A CORRESPONDENT BRECK ARDERY REPORTS FROM NEW YORK.

    TEXT: THE DOW JONES INDUSTRIAL AVERAGE CLOSED AT NINE-THOUSAND-44, UP 55 POINTS. THE STANDARD AND POOR'S 500 INDEX CLOSED AT A RECORD HIGH 12-HUNDRED-THREE, UP ALMOST ONE POINT. HOWEVER, THERE WAS PROFIT-TAKING ON SOME STOCKS IN THE NASDAQ INDEX, WHICH FELL AFTER CLOSING AT RECORD HIGHS FOR TWO STRAIGHT SESSIONS.

    GOVERNORS OF THE FEDERAL RESERVE BOARD -- THE U-S CENTRAL BANK -- DECIDED TO LEAVE INTEREST RATES UNCHANGED. THAT DECISION, WHICH CAME AT A SCHEDULED MEETING, WAS EXPECTED ON WALL STREET. BUT MANY ANALYSTS STILL ANTICIPATE ANOTHER INTEREST RATE CUT EARLY NEXT YEAR.

    // OPT //

    HOWEVER, RICHARD HOEY, THE CHIEF ECONOMIST AT THE DREYFUS INVESTMENT COMPANY, SAYS THE CENTRAL BANK WILL NEED TO SEE DEFINITE EVIDENCE THAT THE U-S ECONOMY IS SLOWING BEFORE IT CUTS INTEREST RATES AGAIN.

    /// HOEY ACT ///

    I STILL THINK THE NEXT MOVE IS LIKELY TO BE AN EASING [OF INTEREST RATES]. BUT, INSTEAD OF [IT] BEING IN FEBRUARY, IT COULD BE IN MARCH, OR EVEN MAY, BEFORE THE ECONOMY SHOWS ENOUGH WEAKNESS FOR THE "FED" TO MAKE A MOVE.

    /// END ACT ////// END OPT ///

    CASE, THE AMERICAN FARM EQUIPMENT MANUFACTURER, SAYS ITS PROFITS WILL FALL BY 60 PERCENT THIS YEAR, AND IT PLANS TO CUT 20 PERCENT OF ITS WORK FORCE. CASE SAYS A DRAMATIC DECLINE IN INTERNATIONAL ORDERS FOR FARM EQUIPMENT IS THE REASON FOR THE PROBLEMS.

    /// REST OPT ///

    THE BOEING AIRCRAFT COMPANY SAYS IT HAS RECEIVED ORDERS FOR 49 JETLINERS FROM DELTA AIRLINES -- A DEAL WORTH MORE THAN THREE-BILLION DOLLARS.

    THE STOCK OF THE MICRON ELECTRONICS COMPANY LOST 15 PERCENT AFTER THE PERSONAL COMPUTER MAKER REPORTED EARNINGS WHICH FELL SHORT OF WALL STREET EXPECTATIONS.

    THERE ARE PRELIMINARY INDICATIONS THAT THE CHRISTMAS HOLIDAY SHOPPING SEASON IN THE UNITED STATES MAY FALL BELOW EXPECTATIONS. A SURVEY OF RETAIL STORES SHOWS SALES LAST WEEK FELL BY MORE THAN ONE PERCENT. HOWEVER, MANY RETAILERS REMAIN OPTIMISTIC THAT LAST-MINUTE SHOPPERS WILL PUSH UP SALES AND PROFITS.

    DESPITE THE LACK OF PROFESSIONAL BASKETBALL IN THE UNITED STATES THIS SEASON BECAUSE OF A LABOR DISPUTE, THE TOPPS SPORTS TRADING CARD COMPANY SAYS ITS SALES AND PROFITS WERE UP IN THE LATEST QUARTER. TOPPS SAYS THERE WAS A BIG JUMP IN DEMAND FOR BASEBALL AND FOOTBALL COLLECTIBLE CARDS. (SIGNED) NEB/NY/BA/LSF/WTW
    22-Dec-98 5:02 PM EST (2202 UTC)
    NNNN
    Source: Voice of America DAUE=12/22/98 TYPE=U-S EDITORIAL DIGEST
    ! NUMBER=6-11064 CYLINE=ANDREW N. GUTHRIE TELEPIONE=619-3335 ! EDITOR=ASSIGNMENTS CONTENT=

    ////

    EDS: PERISHABLE MATERIAL, DATED AFTER 10 P-M E - S - T ! !

    ////

    INTRO: THE EDITORIAL PAGE DEBATE REGARDING THE CLINTON IMPEACHMENT AND WHERE THE COUNTRY GOES FROM HERE CONTINUES.

    ANOTHER POPULAR TOPIC IS THE EFFECT OF THE FOUR DAY U-S AND BRITISH AIR ASSAULT ON IRAQ; WHILE THE COMING ELECTION IN ISRAEL AND ITS POSSIBLE EFFECT ON THE PEACE PROCESS COMES IN FOR A GOOD DEAL OF ATTENTION AS WELL.

    /// OPT ///

    OTHER TOPICS IN THE DAY'S EDITORIALS INCLUDE A SUGGESTION ABOUT STORING UP SOME CRUDE OIL WHILE THE PRICE IS LOW. /// END OPT /// NOW, HERE IS __________________WITH A CLOSER LOOK AND SOME EXCERPTS IN TODAY'S EDITORIAL DIGEST.

    TEXT: DAILY NEWSPAPERS ARE CONSIDERING VARYING FACETS OF THE IMPEACHMENT STORY. "THE SUN" IN BALTIMORE IS STRONGLY AGAINST THE IDEA THAT PRESIDENT CLINTON SHOULD RESIGN, AND APPEALS TO THE SENATE TO RIGHT THINGS.

    VOICE: LET US HEAR NO TALK OF PRESIDENT CLINTON'S RESIGNING. ... IT IS NOT ONLY PRESIDENT CLINTON'S RIGHT BUT HIS DUTY TO STAY UNLESS CONVICTED BY THE SENATE. NO ONE IS REQUIRED TO LIKE HIM. ... PRESIDENT CLINTON, [KENNETH] MR. STARR AND THE HOUSE OF REPRESENTATIVES, LED BY THEIR WORST INSTINCTS, JOINTLY CREATED A MESS - - PART FARCE AND PART TRAGEDY - - FROM WHICH ONLY THE SENATE, WITH STATESMANSHIP AND WISDOM, CAN EXTRACT THE NATION.

    TEXT: "THE WASHINGTON POST," MEANWHILE, PONDERS THE EFFECTS OF THE LATEST WHITE HOUSE STRATEGY DEALING WITH IMPEACHMENT.

    VOICE: /// OPT /// THE WHITE HOUSE IS SAID TO BE CONSIDERING MAKING THE ARGUMENT THAT LAST WEEK'S IMPEACHMENT RESOLUTIONS EXPIRE WITH THE 105TH CONGRESS, MEANING THE NEW SENATE WOULD HAVE NO ARTICLES OF IMPEACHMENT LEGITIMATELY BEFORE IT WHEN IT CONVENES NEXT YEAR. THAT IS ABSOLUTELY THE WRONG APPROACH TO THE PROBLEM THAT THE PRESIDENT'S MISCONDUCT FORCES THE COUNTRY TO FACE. ... AS A MATTER OF CHOICE, OF POLICY, THE PRESIDENT WOULD DO A HUGE DISSERVICE IN PURSUING IT. /// END OPT /// ... OUR SENSE IS THAT THE SENATE SHOULD TRY TO AVOID A FULL-LENGTH TRIAL. ... [AND] CENSURE HIM, AND DO IT UNMISTAKABLY. HE NEEDS TO BE FORCED TO ACKNOWLEDGE, AS HE HAS NOT ... CENSURE IS THE LEAST HARMFUL OF THE IMPERFECT ALTERNATIVES THE COUNTRY HAS ...

    TEXT: IN GEORGIA, "THE ATLANTA CONSTITUTION" IS CONCERNED THAT THE RESIGNATION OF REPUBLICAN HOUSE SPEAKER-DESIGNATE ROBERT LIVINGSTON, WAS CAUSED BY A SOON-TO-BE PUBLISHED REPORT IN A SEXUALLY EXPLICIT MAGAZINE. THE MAGAZINE PUBLISHER, LARRY FLYNT, OFFERED ONE MILLION DOLLARS TO ANYONE WITH INFORMATION ON ADULTERY COMMITTED BY ANYONE IN CONGRESS AS THE CLINTON IMPEACHMENT GATHERED STRENGTH.

    VOICE: HOW HAVE WE COME TO THIS BIZARRE POINT IN OUR NATION'S HISTORY, TO A DAY THAT THE PUBLISHER OF HUSTLER MAGAZINE CAN BRING DOWN THE MAN SELECTED FOR ONE OF THE NATION'S MOST POWERFUL POSTS? WE ARE HERE BECAUSE OF A SEXUAL LITMUS TEST THAT A SMALL GROUP OF SOCIAL CONSERVATIVES HAS FORCED ON THE REPUBLICAN PARTY AND SEEKS TO FORCE ON OTHERS. ... THIS OBSESSION, THIS CRAZINESS, MUST RUN ITS COURSE. THE POLITICIANS AND MEDIA WILL SOME DAY CATCH UP WITH THE AMERICAN PEOPLE AND SAY, 'ENOUGH, ALREADY.'

    /// OPT ///

    TEXT: AND ABOUT THE MAN APPARENTLY HEADED TO BE MR. LIVINGSTON'S SUCCESSOR AS HOUSE SPEAKER, LITTLE-KNOWN ILLINOIS CONGRESSMAN DENNIS HASTERT, "THE PORTLAND [MAINE] PRESS HERALD" WONDERS:

    VOICE: DID THE G-O-P (REPUBLICAN PARTY) PICK HIM TO AVOID GIVING THE DEMOCRATS A TARGET OVER THE NEXT TWO YEARS LEADING UP TO THE PRESIDENTIAL ELECTION OF TWO-THOUSAND? ALSO, COULD HE BE MERELY FILLING IN FOR THE NEXT TWO YEARS UNTIL A MORE PROMINENT REPUBLICAN COULD TAKE OVER? ASSUMING [MR. HASTERT WINDS ..... WE'LL GET ANSWERS TO THOSE QUESTIONS. MEANWHILE, POST-IMPEACHMENT WASHINGTON CONTINUES TO BE A GUESSING GAME.

    /// END OPT ///

    TEXT: TURNING TO THE ATTACK ON IRAQ, THERE ARE SEVERAL COMMENTS. "THE ORLANDO SENTINEL SAYS A "NEW IRAQ STRATEGY [IS] NEEDED," ADDING:

    VOICE: THE RECENT AIR STRIKES ACCOMPLISHED LITTLE. NOW IS THE TIME FOR WASHINGTON TO CONSIDER OTHER WAYS OF ATTAINING A PROMPT SOLUTION TO THE RECURRING PROBLEMS WITH BAGHDAD. /// OPT /// ... DID THE AIRSTRIKES ELIMINATE THE PROBLEM OF IRAQ'S DANGEROUS BIOLOGICAL, CHEMICAL AND NUCLEAR WEAPONS? NO. DID THE AIRSTRIKES REMOVE DICTATOR SADDAM HUSSEIN? NO. DID THE AIRSTRIKES POINT TO A RESOLUTION OF THE IRAQ CRISIS? NO. /// END OPT /// ... DURING THE NEXT FEW MONTHS, AS THE OVERALL EFFECT OF THE AIRSTRIKES BECOMES BETTER UNDERSTOOD, THE UNITED STATES AND ITS ALLIES SHOULD GIVE THE IRAQ CRISIS A NEW LOOK [TO DEVELOP] A FRESH STRATEGY.

    TEXT: "THE DALLAS MORNING NEWS" ON THE OTHER HAND, FEELS THE ATTACKS MAY HAVE BEEN MORE EFFECTIVE THAN THEY APPEAR IN ORLANDO.

    VOICE: /// OPT /// IN FOUR DAYS, THE UNITED STATES AND BRITAIN RAINED DOWN MORE MISSILES AND BOMBS ON IRAQ THAN DURING THE ENTIRE PERSIAN GULF WAR IN 1991. AND EVEN THOUGH PRESIDENT SADDAM HUSSEIN IS CROWING THAT IRAQ HAS EMERGED 'VICTORIOUS,' DEVASTATION TO HIS NATION IS CERTAIN TO BE EXTENSIVE. /// END OPT /// ... THE RAIDS' MESSAGE REMAINS CLEAR: VIOLATIONS OF THE PEACE ACCORD ARE UNACCEPTABLE. REFUSAL TO PERMIT U-N INSPECTION TEAMS OPEN ACCESS WILL BE DEALT WITH FIRMLY. LESS CLEAR IS WHAT THE UNITED STATES AND BRITAIN SHOULD DO NOW TO MAKE CERTAIN THE ATTACK HAS ITS INTENDED IMPACT.

    TEXT: STILL IN THE REGION, "NEWSDAY" ON NEW YORK'S LONG ISLAND, SAYS OF THE FALL OF THE NETANYAHU GOVERNMENT: "AN ELECTION IS NEEDED IN ISRAEL NOT JUST TO CHOOSE A PRIME MINISTER BUT TO FIND A CONSENSUS."

    VOICE: ISRAEL NEEDS A NEW ELECTION. THE GOVERNMENT IS PARALYZED BECAUSE THERE IS NO CONSENSUS IN THE COUNTRY ON THE PEACE PROCESS. PRIME MINISTER BENJAMIN NETANYAHU ATTEMPTED TO MOVE THE PROCESS AHEAD MODESTLY BY SIGNING ON TO THE WYE RIVER AGREEMENT LAST MONTH BUT THE RESULT HAS BEEN THAT KEY ELEMENTS OF HIS NATIONALIST COALITION HAVE DEFECTED. ... WHAT IS CLEAR IS THAT THE NATION, AFTER MONTHS OF STUMBLING FROM ONE STALEMATE TO ANOTHER, IT AT LEAST READY TO TRY TO CLARIFY WHERE IT STANDS.

    /// OPT ///

    TEXT: AND LASTLY, NOW THAT OIL PRICES HAVE HIT HISTORIC LOWS, THERE IS ADVICE TO THE GOVERNMENT FROM "THE CHRISTIAN SCIENCE MONITOR."

    VOICE: CONGRESS WOULD BE WISE TO AUTHORIZE PURCHASING A MODEST AMOUNT OF DOMESTIC OIL TO TOP UP [FILL UP TO CAPACITY] THE STRATEGIC RESERVE CREATED AFTER THE 1970'S MIDEAST OIL EMBARGOES. TO DO SO WOULD ..... HONOR MARKETPLACE WISDOM: BUY LOW, SELL HIGH. ... THE RESERVE ... CAN STORE SOME 680 MILLION BARRELS. THE NATION'S FUEL GAUGE SHOWS ABOUT 120 MILLION BARRELS LESS IN STORAGE.

    TEXT: ON THAT NOTE, WE CONCLUDE THIS SAMPLING OF EDITORIAL COMMENT FROM THE NATION'S DAILY PAPERS.
    NEB/ANG/GE
    22-Dec-98 11:08 AM EST (1608 UTC)
    NNNN
    Source: Voice of America


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