Michael Carty
Michael Carty
Michael Cartywas an Irish Fianna Fáil politician. Born in Loughrea, County Galway to Lawrence and Josephine Carty, he was the eldest of seven children. A schoolteacher by profession, he was first elected to Dáil Éireann as a Fianna Fáil TD for the Galway South constituency at the 1957 general election. From 1961 to 1969, he represented the Galway East constituency, and from 1969 to 1973 the Clare–Galway South constituency. He retired from politics in 1973...
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You've got two things: a horrible retail environment ... and oil prices are up to $32 a barrel. When energy prices rise they pervade all aspects of the economy and costs go up. ... The big thing overhanging the market is what we are going to do with Iraq.
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The markets seem to be rising as a consequence of the fact that the Federal Reserve had decreased the interest rate by half a percentage point and the fact that people began to believe the Fed was going to do whatever it can do to continue to see the economy turn around.
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The market is trying to build a base in what is the third-longest bear market in history. It's not going to end in one day when you're not paying attention. This is a process that you have to go through.
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The market is moving forward and then back again. We're seeing the glass half-full one day and half-empty the next. This shows that investors are still very tentative and that's also reflected in the light trading volume. The bear is still very young and its having a difficult time standing up.
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The economy remains in a growth pattern, and normally the market would be responding favorably. But people are worried about inflation, the rise in energy prices and the weak dollar.
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The earnings reports and outlooks have been fairly positive, but I think trade has been kind of muddled recently, with the market wanting to give itself room to breathe after the big run it's had.
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The challenge for stocks next week is going to be getting through more Iraq news.
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This has been the strongest quarter in three or four years, and so you'd expect investors to want to take some profits as the quarter is winding down.