Revisiting the Cuban Embargo: Fifty Years of No Cigars

Fidel Castro

The 50th anniversary of the start of the economic boycott on Cuba took place on Tuesday. Since February 7th, 1962 there has been a nearly hermetic seal on trade with communist-led Cuba.

Yes or No to Embargo

Supporters of the embargo say it is an appropriate response to a repressive government that has been a relentless “thorn in the side” of the Unites States for all these years. Opponents of the embargo say the policy is a failed one, which has hurt ordinary Cuban citizens, and not the government against which the embargo is directed.

Failed its Main Goal

Both sides agree, however, that the embargo failed in its most central goal, to oust Cuba’s leaders, Fidel and Raul Castro.

Wayne Smith, who was a young US diplomat in Havana, Cuba in 1961 when relations between the US and Cuba were cut. Smith returned to Cuba as the head American diplomat when relations were partially re-established under the administration of President Jimmy Carter.

“All this time has gone by, and yet we keep it (the embargo) in place,” Smith said.

"We talk to the Russians, we talk to the Chinese, we have normal relations even with Vietnam. We trade with all of them," Smith added. "So why not with Cuba?"

President Kennedy announced the embargo on February 3rd, 1962, saying that “the subversive offensive of Sino-Soviet communism with which the government of Cuba is publicly aligned," and it went into effect four days later.

Outdated Policy?

Those were the days when the cold war was at its height, but critics of the embargo say that many of the reasons the embargo was begun no longer exist, such as the struggle to halt the spread of Soviet influence and the exportation of communism by Fidel Castro to the rest of Latin America.

But supporters cite other justifications, such as the need to pressure Cuba to give more personal and political freedom to its citizens, and the confiscation of US property in Cuba.

"We have a hemispheric commitment to freedom and democracy and respect for human rights," said Jose Cardenas, a former National Security Council staffer on Cuba under President George W. Bush. "I still think that those are worthy aspirations."
 

Posted in Economy, History | Tagged , , , , , | Leave a comment

Super Watched Super Bowl

Super Bowl Action Viewed by Millions

For the third year in a row fans tuned-in by the millions, making the Super Bowl football game the most-watched television broadcast in history.

According to Nielsen estimates 111.3 million fans turned on their TVs to watch the NBC sponsored final match of the 2011/2012 football season between the New York Giants and the New England Patriots, constituting 47.8% of all US households.

The halftime show was an even bigger hit as far as number of viewers is concerned with 114 million people watching Madonna perform, making this show the most-watched Super Bowl halftime spectacle in history.

Twitter also went ballistic as 12,233 tweets per second were registered during the final few minutes of the game, setting a Twitter record for sporting events. According to Twitter, this Super Bowl game received the most tweets per second for an English language event in Twitter history. Last year’s game registered one third the number of tweets, 4,064 per second, but a year ago that was a record number.

So who won? Some say the Giants, but really, it was the businessmen selling ad time for this incredibly lucrative American commercial experience.

Posted in Consumerism | Tagged , , , , | Leave a comment

Payless Shoes Expanding to Asia

Payless Shoe Source

Collective Brands Inc, the owners of Payless discount shoe stores, announced that it plans on opening its first franchised branches in Vietnam, Thailand and Korea this coming year.

In the planning stages are 16 stores throughout the three Asian countries, said LuAnn Via, the head of the Payless division of Collective Brands (PSS.)

“We were very interested in Korea; we think that our brand will resonate very well there,” Via said. “We perform extremely well” in developing countries, she added.

Collective Brands stated in August last year that it was ‘reviewing’ its strategic options to help propel the price of its stock. According to the value of its various separate businesses Collective Brands could be worth as much as $27 per share.

Today Payless has about 4500 stores throughout 34 countries. Its first overseas franchise opened in Kuwait in 2009. Now there are 140 franchised locations with the hope of expanding to 700 locales by 2014. Collective Brands is also the owner of Saucony, Stride Rite, Keds, and Sperry Top-Sider brands.

On February 3rd this year the price of one share of Collective Brands stock fell 1 percent to $16.65 on Wall Street. In 2011 the total value of Collective Brands stock fell by 32 percent.

 

 

 

Posted in Companies | Tagged , , , , , | Leave a comment

Good News From Wall Street and Detroit

Paul Taylor Chief Economist for NADA


Nasdaq Sets Record

The Nasdaq rose to its highest point in eleven years as optimism is mounting that the US economy is well on its way to recovery. The good news that fueled the Nasdaq rally was last month’s surge in the number of people hired, paving the way for what many analysts believe is a clear road to economic stability and growth.

The Nasdaq rose by 1.60 percent, reaching 2,905.34 on an increase of 45.66 points. Standard & Poor’s 500 Index grew to 1,344.66 as it surged by 19.12 points, or 1.44 percent. The Dow Jones industrial average climbed by 153.49 points to 12,858.90, which represents an increase of 1.21 percent.

Improved Economy Brings Higher Car Prices

The National Automobile Dealers Association is predicting that consumers are ready to pay more for new and used cars this coming year as the economy shows definite signs of improvement.

Used Cars in Demand with Low Supply

The NADA forecasts a rise of 6 percent for the average car to $30,000. An even higher price increase of 8 percent is expected for used cars, especially for SUVs and pickup trucks. For small second hand cars the price rise will be significantly lower, climbing by only 1 percent to an average price of $9,475.

More People Ready to Splurge

Luxury cars will most likely be in greater demand than in previous years as the economy keeps pushing forward, allowing people the confidence to splurge on more expensive cars. Used cars are in tight supply now because so few people purchased new cars during the years of the recession.

Paul Taylor, NADA chief economist, believes that US car sales will go up by 9 percent to 13.9 million in the year ahead. Low interest rates and enticing new products will most likely boost sales, according to Taylor.

Posted in Automobile Industry, Economy | Tagged , , , , , | Leave a comment

January Best Month Since October on Wall Street

As January ended yesterday Wall Street celebrated what investors there are saying was their best month since October, 2011. The optimistic attitude was maintained despite the disappointing weaker-than-expected performance which was reported in Tuesday’s economic reports, which surprised investors after a receiving a series of positive data about the economy in recent months.

According to the most recent data available, the Dow Jones Industrial average closed the session at 12,633.89, down 19.83 points or 0.16 percent. The Standard & Poor’s 500 Index was also down by 0.55 points, 0.04 percent to close at 1,312.46. The Nasdaq Composite Index finished up, however, by 1.46 points, or 0.05 percent, at 2,813.40.

The month of January ended up, with the Dow up by 3.4 percent, the S&P 500 up by 4.4 percent, and the Nasdaq finished in the black by a cool 8 percent.

Posted in Economy, Investments | Tagged , , , , | Leave a comment