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11/20/08 6:25 AM

SHADOW OF DEFLATION LOOMS AS MARKETS PLUNGE.

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The Osgood File. Sponsored in part by New York Life insurance company. Peace of mind can be as close as the nearest New York Life agent. That's why New York Life is the company you keep. I'm Charles Osgood.

The stock market took another big hit yesterday, the Dow down 427 points. And the reason, they say, is the D word. No, not "depression, but "deflation" --- the prices not just of stocks and bonds, but of everything falling like a stone. Consumer prices dropped more in October than at any time on record.
It's not that there aren't some up days in the stock market.
SOT - Art Hogan, chief market analyst at Jefferies and Company
"We've had three up days in the last ten..." (:02)
But...
SOT - Ted Weisberg, floor trader with Seaport Securities
"Every rally has been nothing but a selling opportunity..." (:03)

And it's not that consumers don't like low prices, including gasoline prices.

SOT - A Driver
"Low prices are definitely a nice thing to see at the pump..." (:03)
In fact...
SOT - A Consumer
"I'm hoping they go down a lot more." (:02)

More after this...

((( SPOT )))

The avalanche of bad economic news has another huge one sitting on the precipice.

SOT - Alexis Christoforous, CBS News Business Reporter
"We also have an incredible situation in the auto industry, where now we have shares of GM and Ford --- they're mere penny stocks at this point, just because no one knows the fate of the U.S. auto industry." (:12)
And it's not just the U.S. auto industry. There are 21 acres of unsold imported cars backed up at California's Long Beach port. That is not what the Port wants to see.

SOT - Richard Steinke, executive director of the Port of Long Beach
"We like to move cargo. It is a through-put point for cargo. It's not a storage point." (:05)

We've apparently succeeded in scaring people in this country out of buying cars, or houses, or pretty much anything else. Consumer demand has dried up, and that is why prices are falling. And yet, there are still some supposed experts who'll tell you that's a good thing.

SOT - Prof. Peter Morici, economist at the University of Maryland
"It'll make it easier for people to spend money. Their wages will be worth more. So it probably will aid the recovery..." (:06)
If indeed there are any wages...
SOT - Alexis Christoforous
"In an atmosphere where we have higher unemployment, people are not going out and buying goods and services, however cheap they may be, because they continue to look for even more bargains." (:10)
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The Osgood File. Charles Osgood on the CBS Radio Network.
The Osgood File. November 20th, 2008.

TOPIC : News In English.Enjoy! *01* SOURCE : Linguistic Studies ** http://languages.forumactif.org/

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