Why Multinationals' Earnings Aren't Good News for the Economy
As earnings results poured in over the past week and a half all I could imagine were the emails from the CEOs of various American-based multinationals to our leaders in Washington.Such as one like this from Ellen Kullman at DuPont (DD) to Ben Bernanke: Ben -- Thanks so much for the devalued dollars this quarter -- currency translation made all the difference!Or from Jim Owens at Caterpillar (CAT) to Nancy Pelosi: Nancy -- It was like one of those food towers from Harry and David -- three gifts at once: tax benefits currency gains and fiscal stimulus! Just wait ...
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