Daily Archives: April 10, 2009

Is The Worst Over? Wells Fargo Earnings Surprise Sends Market Surging

Question – Is the worst over? Has the economy finally bottomed out and is prosperity just around the corner?

Answer – Nobody knows, but based on the the strong performance of Wells Fargo & Co, reporting an expected profit of $3 billion for the first quarter of the year, the signs for an economic recovery before the end of the year are looking good:

NEW YORK (AP) — Stocks surged Thursday to their highest levels in two months after banking giant Wells Fargo & Co. surprised the market with an early profit report that blew past analysts’ expectations thanks to a strong increase in its lending business.

The Dow Jones industrial average jumped nearly 250 points and major market indexes logged their fifth straight week of gains. Markets are closed for Good Friday.

Investors have been grasping at any sign of improvement in the crippled banking industry, and Wells Fargo’s report Thursday that it expects first-quarter earnings of $3 billion provided an encouraging sign that a deep freeze in borrowing activity may finally be thawing. Wells Fargo said it benefited from its January acquisition of Wachovia and an increase in mortgage applications.

“The fact that Wells Fargo can have record profits despite the troubles facing the banking system tells you something,” said Rick Campagna, chief investment officer at 300 North Capital in Pasadena, Calif. “It’s very good news.”

The Dow and the Standard & Poor’s 500 index ended at their highest levels since Feb. 9 and the Nasdaq posted its highest finish of the year, giving it a gain of 4.8 percent for 2009.

The Dow rose 246.27, or 3.1 percent, on Thursday to 8,083.38.


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Filed under Asbury Park Press, Associated Press, economic recovery, first quarter earnings, Wachovia, Wells Fargo

New Nationwide Ad: Wall Street Chooses Greed over Workers, Employee Free Choice Act

Second ad in a week builds on hundreds of grassroots events and momentum for legislation during Congressional recess:

Greeted with a new massive nationwide ad campaign along with over 350 grassroots actions, members of Congress returned to their home states and districts this week to be reminded that a majority of the public demands passage of the Employee Free Choice Act. A new, hard-hitting television ad will hit national airwaves today exposing the real motives of those who oppose the Employee Free Choice Act. It joins another ad already on the air and grassroots events across the country highlighting the broad support for the bill.

The ad calls out corporations, many of whom have received billions of dollars in taxpayer-funded bailouts, as opposing workers’ freedom to bargain with their employers for better wages and benefits at a time when the imbalance of power is the reason for our economic crisis. Instead of focusing on rebuilding our economy and getting us out of the mess they helped to create, the ad points out that companies like Bank of America took $45 billion in taxpayer money and have been working against the Employee Free Choice Act, exploiting their low wage workers, and rewarding its leaders, like CEO Ken Lewis, with million dollar payouts.

“The public and lawmakers alike need to know that the special interests opposing the Employee Free Choice Act are the same ones who caused this economic meltdown,” said American Rights at Work Executive Director Mary Beth Maxwell. “This new ad sends a resolute message that now is the time to help workers to bargain for a better life. The Employee Free Choice Act is urgently needed to create fairness in this economy.”

The momentum for the Employee Free Choice Act is growing, with ramped up grassroots events underway during the recess including rallies, anti-corporate actions, leafleting, lobbying, town hall meetings, moving billboards, community forums, vigils, call-in days, and more. Workers, elected officials, small business owners, students, faith leaders, civil rights activists, and other advocates, are participating in an array of actions underscoring the broad and diverse support for the measure.

The new ad campaign and recess activities continue to build on the broad support for the Employee Free Choice Act: independent polling confirmed a majority of the public supports its passage; over 40 leading economists – including Nobel laureates – released a joint statement endorsing the legislation as a critical part of our economic recovery; and just last week the “Faces of the Employee Free Choice Act ” campaign was unveiled by award-winning cast members of The West Wing standing alongside workers to promote the freedom to form unions on Capitol Hill.

For More Information Contact: American Rights at Work

Josh Goldstein (American Rights at Work) 202-822-2127 x118

Alison Omens (AFL-CIO)
202-637-5083

Noreen Nielsen (Change to Win)
202-721-6047

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Filed under AFL-CIO, American rights at work, Change to win, Congress, Employee Free Choice Act, greed, nationwide ad campaign, right to work, Wall Street

Governor Corzine Visits With Members of the 150th Assault Helicopter Battalion Before Their Departure To Iraq.

According to an entry on Governor Corzine’s Facebook page today, he went to Fort Sill, Oklahoma, to visit with members of the 150th Assault Helicopter Battalion before their departure to Iraq.

“I am proud to command such a fine air and army guard and I am grateful for your sacrifice,” Governor Corzine told the citizen soldiers. “While you are focused on your mission and unit, know that this administration is deeply committed to caring for your families and also with working with your employers to make sure that your jobs will still be there upon your return home.”

Governor Corzine spent several hours meeting with the troops and personally saluted their professionalism and training. He also joined Maj. Gen. Glenn K. Rieth to present several awards and commendations to guard members.

Maj. Gen. Glenn K. Rieth, federal, state and local officials, employers of guardsmen, and military officials accompanied the Governor on the one-day visit to Ft. Sill.

By the look of the photos, it seems that the Governors surprise visit to the troops was well received and went smoothly.
Know let’s all hope and pray that the mission of these fine men and women  of the 150th Assault Helicopter Battalion also goes well and that they all return home to their loved ones safe and sound. 

Caption: Governor Jon Corzine holds Zelene Diaz of Elmont, NY, left, and Luis Vanegas of Newark hands at the NJNG 1-150th Assault Helicopter Battalion Departure Ceremony with legislators, employers and family members at Fort Sill in Lawton, OK on Thursday, April 9, 2009. (Governor Photos/Tim Larsen)


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Filed under 150th Assault Helicopter Battalion, Facebook, Fort Sill, Gov. Jon Corzine, New Jersey, Oklahoma