Thread: More Bad News on the Great American Giveaway

Extracted from the Wachovia Economic Outlook...

Gathering Headwinds Will Curtail Growth

The combination of strengthening headwinds and waning
fiscal and monetary stimulus is expected to produce more
modest economic gains during the second half of this year.
High oil prices, weaker growth overseas, the continued
flood of low-priced imports from China, and financial
troubles in the U.S. automotive industry have led to a pull
back in manufacturing activity. The ISM manufacturing
index has fallen in nine of the past ten months, falling
back to just 51.4 in May. Industrial production has also
started to weaken, falling 0.2 percent in April and widely
expected to post another drop in May.

The manufacturing sector provides the cyclical impulse
for the broader economy. This is one of the reasons why
the ISM survey has provided such a reliable read into the
ups and downs of the business cycle. The most recent
slowdown is reminiscent of what we saw in the mid 1990s,
which saw GDP growth slow from better than a 4 percent
pace in 1994 to around a 2.0 percent pace in 1995.
We are looking for a less dramatic slowdown. Growth has
averaged a 3.9% pace over the past 18 months, and is
expected to average a 3.0% pace through the end of next
year. Consumer spending and business investment are
both growing more slowly, reflecting less of a kick from
mortgage refinancing and tax cuts. In addition,
inventories will likely be a slight drag on the economy
over the next few quarters.
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THANKS ScareCrow!! Wachovia is right, but they stated it "softly".

DON'T SPEND, SAVE!!

Hit them where it hurts, in their Purse!!

Fill yours, Drain Theirs!!

P. S. Wachovia is a funder of National Council of La Raza. Put your savings in banks that are NOT ON THE FUNDERS LIST...choose small banks. Wachovia is also doing business with illegals allowing bank accounts to be opened without a social security number; making loans; aiding and abetting the ENEMY! Let them reap what they sow. Dump Wachovia like the "rotten potato" they've become after their merger with First Union. Just ask yourself....First Union acquires Wachovia, but they use the Wachovia name. WHY? Answer: Wachovia was a great bank with great customer relations and honest banking practices...an American bank that knew where it's bread was buttered...a North Carolina headquartered bank. First Union....well.....obviously something different....from New Jersey....North Jersey!!

Judy, actually First Union was from Charlotte. They bought banks in the Northeast prior to merging with Wachovia.

You are correct about the name. First Union did not have a good name in banking and business circles while Wachovia had a sterling name. I guess they have changed all that!!!

I am afraid all these big banks support the politically correct, left leaning positions of the multi-national corporations. They are afraid not to for many reasons - government pressure, public relations, etc. They just don't know what public they should relate to!

Oh really??? Even today all their headquarters operations remain in North Jersey and Philadelphia. All their credit accounts, credit report searches, everything are based in North Jersey. First Union bought CoreStates so maybe that's when they relocated headquarters to New Jersey? They did not have a good rep up there...I moved here from Philly. They spent alot of money on publicity...bike race....name on the Stadium....but it was "empty". I was very sorry to see Wachovia sell out to them because we did business with Wachovia before the merger on business deals here in North Carolina and they were the best bank I'd ever dealt with. Immediately after the merger, they turned to total crap.

Wachovia knows where their bread is buttered, they are just crapping on the customers that made their bank...and that started immediately after the "merger" with First Union. First Union calls all the shots from North Jersey. They need to be taught a lesson, then they'll realize they have to kiss the butts of the people who made them successful. Let them rot for awhile with their "new customer base". That'll be a sight to watch, now, I'm tellin' ya.

DON'T SPEND, SAVE!!

Put your Savings in a nice small bank....and watch the show!!

The people in Philly may think the HQ is there, but it is in Charlotte. That is where all the top execs, administration, etc. are. That is why Charlotte is the second largest banking center in the nation, after NYC. Bank of America and Wachovia are officially headquartered in Charlotte.

I am a finance type so I keep up with all this nonsense.

THANKS SCARECROW!!! Great to know!!