Identifier
Created
Classification
Origin
09HONGKONG1408
2009-07-31 07:15:00
UNCLASSIFIED
Consulate Hong Kong
how-toP 310715Z JUL 09 FM AMCONSUL HONG KONG TO SECSTATE WASHDC PRIORITY 8211 INFO WHITE HOUSE WASHDC USDOC WASHDC AMEMBASSY BEIJING AMCONSUL SHANGHAI AMCONSUL GUANGZHOU AIT TAIPEI 0369 CDR USPACOM HONOLULU HI
UNCLAS HONG KONG 001408
DEPT FOR INR/R/MR, INR/IC/CD, I/FW
DEPT FOR EAP/PD, EAP/CM, EAP/P
DEPT FOR VOA/BRF, TV-WPA
WHITE HOUSE FOR NSC
PRC POSTS FOR PA
AIT
USPACOM FOR FOR CIS PD ADVISER
E.O. 12958: N/A
TAGS: OPRC KMDR KPAO
SUBJECT: MEDIA REACTION: U.S. ECONOMY
TOPIC: U.S. economy
HEADLINES AND EXCERPTS:
"Stock market relies on money, not on what Obama says"
The independent Chinese-language Hong Kong Economic Times commented
in an editorial (7/31): "President Obama said yesterday morning
that the U.S. may be seeing the beginning of the end of the
recession. Obama's remarks are more political behavior than
economic judgment. They will help to stabilize public confidence.
Nevertheless, even if the recession has come to an end, the economy
may still linger at the bottom for a long time. As for the stock
market, big fluctuations will continue due to the influx of
money.... Obama, of course, has his political considerations. But
all sectors hope that his remark will come true and that the U.S.
recession will be over soon. The whole world will then recover.
However. . .the U.S. unemployment rate will continue to rise for a
few months, even after the recession. Americans need to reduce
consumption and increase savings in order to cut their debts and
rebuild healthy finances. Thus the U.S. economy will lack strong
consumption momentum. Even if the recession ends, the U.S. economy
will still linger at the bottom for half a year, or even longer."
DONOVAN
DEPT FOR INR/R/MR, INR/IC/CD, I/FW
DEPT FOR EAP/PD, EAP/CM, EAP/P
DEPT FOR VOA/BRF, TV-WPA
WHITE HOUSE FOR NSC
PRC POSTS FOR PA
AIT
USPACOM FOR FOR CIS PD ADVISER
E.O. 12958: N/A
TAGS: OPRC KMDR KPAO
SUBJECT: MEDIA REACTION: U.S. ECONOMY
TOPIC: U.S. economy
HEADLINES AND EXCERPTS:
"Stock market relies on money, not on what Obama says"
The independent Chinese-language Hong Kong Economic Times commented
in an editorial (7/31): "President Obama said yesterday morning
that the U.S. may be seeing the beginning of the end of the
recession. Obama's remarks are more political behavior than
economic judgment. They will help to stabilize public confidence.
Nevertheless, even if the recession has come to an end, the economy
may still linger at the bottom for a long time. As for the stock
market, big fluctuations will continue due to the influx of
money.... Obama, of course, has his political considerations. But
all sectors hope that his remark will come true and that the U.S.
recession will be over soon. The whole world will then recover.
However. . .the U.S. unemployment rate will continue to rise for a
few months, even after the recession. Americans need to reduce
consumption and increase savings in order to cut their debts and
rebuild healthy finances. Thus the U.S. economy will lack strong
consumption momentum. Even if the recession ends, the U.S. economy
will still linger at the bottom for half a year, or even longer."
DONOVAN