Treasury secretary nominee's views: in his own words. (Commentary).John W. Snow, chief executive of railroad railroad or railway, form of transportation most commonly consisting of steel rails, called tracks, on which freight cars, passenger cars, and other rolling stock are drawn by one locomotive or more. operator CSX CSX Chessie Seaboard Multiplier (railroad transportation company) CSX Cayman Islands Stock Exchange CSX Changsha, China (Airport Code) CSX Cardiac-Specific Homeobox CSX Seaboard Coastline Railroad Corp. and nominated nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. by President Bush to be Treasury secretary, said in a news conference last week that "we cannot be satisfied until every single person who's unemployed and seeking a job has an opportunity to work" Here are more of Snow's comments in recent years: Oct. 15, 1996: Snow calls CSX's planned acquisition of Conrail Inc. "a terrific marriage." "What we're doing here is creating a dynamic new transportation company for the 21st century' he said. "We're getting America's rail-transportation infrastructure ready for the 21st century. The merger represents nothing less than the most exciting investment opportunity in the transportation and logistics industry." Three years after the acquisition, CSX had yet to see earnings gains from the acquisition. Instead, delays and congestion The condition of a network when there is not enough bandwidth to support the current traffic load. congestion - When the offered load of a data communication path exceeds the capacity. from integrating the Conrail routes had reduced earnings and forced the company to cut hundreds of management jobs. Jan. 25,2001: Snow says he expects a "shallow, fairly short-term" economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. that would last two or three quarters. "We feel good about the coming year, but the big question is where the economy is going," he said. "It's probably a couple of quarters of drop, probably a sharp drop, in (gross domestic product) growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. . But probably not a recession, technically defined." Feb. 28, 2002: Snow says the economy is "sort of pulling itself together." "There's a reason to feel the worst is over, that we've hit the bottom and are beginning to come out," he said. "A year from now, we're going to be talking about a much different economy. My worry is that (Federal Reserve Chairman Alan) Greenspan has been so aggressive in creating liquidity that the monetary aggregates have really been robust and growing at growth rates that can't be sustained without inflation." April 22, 2002: Snow says he is "hopeful" that the industrial economy would recover within a month or two. "The GDP GDP (guanosine diphosphate): see guanine. figures are not overly robust for the economy as a whole right now, and I think they're weaker for the industrial sector," he said. June 20, 2002: Snow describes a "crisis in confidence" in corporate America after he' joined a 12-member Conference Board panel. Prepared by Anna Dubrovsky, Bloomberg News |
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