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Friday, December 05, 2008
Jobs Report Turns Up Volume on Auto Makers' Plea
Neil Cavuto, Managing Editor and Anchor
FOXBusiness
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Message to annoying car salesmen everywhere.
Sometimes you can close the deal by not saying a word...At all.
Here's the deal:
The auto guys just got their money today.
I suspect the full 34 billion smackers today.
Oh, no one said that.
Most on Capitol Hill still express caution over that.
But I think that's that.
Not because the auto guys made any more a compelling case before House interrogators today than they did Senate interrogators yesterday...
But because they didn't have to.
Actually, they didn't have to make a pitch at all.
...the Labor Department...did it for them.
Uncle Sam reporting we lost more than half a million jobs last month.
With revisions in October, that's almost one million jobs the last two months.
Close to two million jobs this year.
Who wants to compound that by turning down this?
Forget about pouring good money after bad…why would any face-saving politician reject a bailout in the face of a jobs picture this bad?
Leaving aside unions that wouldn't think highly of that.
What double-speaking politician worth his sorry salt could ignore this?
Precious few, I suppose...Which is why I suppose the auto guys have their bailout...Because they can argue we shouldn't make things worse for now.
Even though they needn't say a word right now.
FOX Translator
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.
