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WHEN:
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PRICE:
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Benefiting the National Mental Health Association,
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10
Wednesday, October 30, 2002
NE^
TH E BATTALftJ
Plummeting consumer confidence may
mean bleak outlook for 2002 holiday season
Some Things Never Change...
And Some Things Do.
November I-2, 2002
Students: $I0
Early Registration Ends Wednesday October 30th
Registration Forms Available in 20A Zachry
www.tamu.edu/west/wieconference/wiec.html
WEST@EAPO.TAMU.EDU
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845-7200
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NEW YORK (AP) —
Consumer confidence tumbled
in October to its lowest level in
nearly nine years, dragged
down by the weak job market,
the slump on Wall Street and
the prospect of war with Iraq.
Some analysts said the read
ing increases the chances the
Federal Reserve will cut inter
est rates next week.
The Conference Board
reported Tuesday that its
Consumer Confidence Index
skidded to 79.4 from 93.7 in
September — the fifth consec
utive monthly decline.
Economists had been expecting
a reading of 90.0.
The confidence index is
widely watched because con
sumer spending accounts for
two-thirds of all economic
activity.
Fed policy-makers meet on
Nov. 6.
“Ed say these figures sig
nificantly increase the odds” of
the Fed cutting rates next
week, said Mark Vitner, senior
economist at Wachovia
Securities in Charlotte, N.C.
“And because there’s a lot rid
ing on this holiday season I
think they now need to go all
the way” and cut by a halt-
point rather than a quarter-
point.
The last time the index was
lower was in November 1993,
when it stood at 71.9. Then, as
now, the economy was recover
ing from a recession.
The Conference Board said
a weak job market, Iraq and the
bear market were the main cul
prits weighing on consumer
sentiment.
But Gary Thayer, chief
economist at A.G. Edwards &
Sons Inc. in St. Louis, said:
“Some of the weakness is
probably attributed to events
that are hopefully resolved,
like the sniper shootings and
the port closures out west.”
On Wall Street, the Dow
Jones average fell much as 170
points early in the session, then
finished the day up 0.90 at
8,369. The Nasdaq composite
index lost 1.2 percent, while
Consumer confidence at lowest in nine yeai$
.^»-»rifl'd itrtA i_ * ,
the lowest
Consumer confidence in the economy fell in October to
level since 1993
Consumer Confidence Index from a survey of 5,000 U.S
160 Seasonally adjusted
I985=10C
140
120
100
80
60
40
20
Volume
Sti
By Ki
TH
1992 93 94 ’95 '96 '97
the Standard & Poor’s 500
index declined 0.9 percent.
“The outlook for the holi
day retail season is now fairly
jak.” said Lynn Franco, who
:ads the Conference Board’s
Consumer Research Center.
“Without the likelihood of a
bl<
h<
'98 '99 2000 01 '02
pickup in consumer speni:
an already weak econom;
recovery could weaken ft
then”
The index is based on
monthly survey of about 51
U.S. households andstoodi
1(X) in its base year. 1985
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touches on
More than 200 Haitians run ashore in Miam
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MIAMI (AP) — More than 200 illegal
Haitian immigrants jumped overboard,
waded ashore and rushed onto a major
highway Tuesday after their 50-foot wood
en freighter ran aground off Miami.
It was not immediately known if there
were injuries.
The Coast Guard spotted the vessel
about 2 p.m. and followed it for about two
hours, said Coast Guard spokesman Luis
Diaz. The boat ran aground and the immi
grants began coming ashore near Hobie
Beach on Virginia Key, just southeast of
Miami's downtown.
“They were all over the front of the boat,
the top of the boat, the back of the boat.
They were all over it,” said windsurfer
Ovidio DeLeon, who witnessed the scene.
“Then they started jumping.”
Some of the Haitians jumped from the
deck; others were lowered into the water.
They ran into the streets, causing the six-
lane Rickenbacker Causeway to be shut
down.
Coast Guard personnel were seen
pulling people from the water and throwing
them life preservers; children were being
transferred from the boat to people in the
water.
Seven helicopters and five Coast Guard
boats searched for people who may still be
in the water. A Miami Fire Rescue
spokesman dispatcher said emergency
crews were treating several Haitians and
giving them water.
Border Patrol agents were en route to
begin interviewing the Haitians once it is
determined they are not injured, said
spokesman Carlos Roches.
“If they claim political asylum, we will
process them accordingly.” Roches said.
Unlike Cubans who reach dry land,
Haitian immigrants usually are denied asy
lum in the United States and sent back to
their homeland.
The Bush administration changed its
detention policy on Haitian refugees in
December to discourage a feared mass exo
dus from the Caribbean nation.
Immigration attorneys sued the government
in March, saying the new policy of deten
tion was racially biased.
Human rights advocates said the policy
treats Haitians differently than asylum
seekers from other countries, who are gen
erally freed until their asylum requests are
granted or denied.
“The cards are definitely stacked against
the Haitian immigrants,” said Cheryl Little
of the Florida Immigrant Advocacy Center.
She said they will all likely be immediately
taken to detention centers.
“If they can convince an asylumofc
that they have a credible fear of persecuE
upon return to Haiti then ... they sho
quickly released so they can find an
ney and have a fair opportunity to ma
their case for asylum,” Little said.
Thousands of Haitians each year
dangerous voyages aboard rickety, cro^ifi
boats in search of economic opportune;
Some end up in the Turks and Cis
Islands, others in the Bahamas, ande;
make it to Florida. Many are sent bad
home.
Many are driven to risk their
because of crushing poverty in theirho';
land, the hemisphere's poorest coiff
where two-thirds of the population isuk
ployed or underemployed and mostpw
survive on less than $1 a day.
Haiti’s chronically depressed ecor^
has further declined amid political d
since disputed parliamentary electiori;
2000. President Jean-Bertrand Aristl
party won 80 percent of seats, but theo|
sition alleges rigging. Millions of dote'
foreign aid money has been frozen becaus
of the dispute.
In December, a ship with 187
migrants grounded off Elliot Key.
those migrants are still being detaine i
immigration officials in South Florida
P ICKING UP your 2002 Aggieland is
easy. If you ordered a book, look for
the distribution table in front of the
Reed McDonald Building. (Go to the
Reed McDonald basement in case of
inclement weather.) Please bring your
Student ID. If you did not order last
year's Texas A&M yearbook (the 2001-
2002 school year), you may purchase
one for $40 plus tax in Room 015 Reed
McDonald. Hours: 9 a.m. - 4:30 p.m.
Monday-Friday. Cash, checks, Aggie
Bucks, VISA, MasterCard, Discover
and American Express accepted.
have Ljoa picked up pour cep if ?
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