June 15, 2007

Either This Is a Misquote or Misstatement ….. (Also, NASDAQ at Six-Year High)

Filed under: Economy,MSM Biz/Other Ignorance — Tom @ 9:59 pm

….. or the illegal-immigration problem is a lot worse than I thought:

“What you’re getting is a contribution of hundreds of millions of lower-cost workers coming into our economy. It’s very positive for all economic activity,” (president and chief investment officer at Cabot Money Management Inc. Rob) Lutts said.

Though the article is about Friday’s US stock market performance, Lutts is awkwardly (thanks to how AP business reporter Tim Paradis wrote it up) referring to the world and not the US economy.

Either that or, with all the added output of all those workers, GDP growth is going to explode in the second quarter.

On a harder-news note, Paradis clearly wasn’t impressed when he wrote:

The Nasdaq composite index, still well off its record levels reached during the dot-com boom, rose 27.30, or 1.05 percent, to 2,626.71.

He should have been a bit more positive, but “forgot” to mention that Friday’s NASDAQ close was a six-year high (3rd para at link).

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