Thanksgiving reflections

The Gap clothing company’s earnings fell in the third quarter, driving its share prices down to the low 20s. The Gap used to be one of our garment industry’s main buyers. Now it is plagued by a slowing U.S. economy and a weak retail sector. It also had to contend with a alicious lawsuit and unfounded sweatshop charges.

The Saipan Tribune recently reported that Japanese tourist arrivals are down twelve percent from last year. Which should come as no surprise given the Japanese government’s recent CNMI crime alert and the turning away of Tasi Tours tourists at Smiley Cove.

In its 20 November edition, the Investor’s Business Daily reported a sharp decline in Japanese consumer confidence: “A survey by Japan’s Economic Planning Agency showed the nation’s view of the economy fell in October.”

Since the beginning of the year, the Japanese major stock market index, the Nikkei, traded in a volatile 14,211 to 20,000 range. On 21 November the Nikkei was down to 14,387.41.

At about 108 to the U.S. greenback, the Japanese Yen is still strong, which may eventually cut into Japanese exports.

Wendy’s of Saipan was recently forced to close shop and declare bankruptcy.

In complete defiance of still growing deficits and the so-called “austerity measures” designed to combat them, our government recently went on a hiring spree in order to help elect certain incumbents.

The list could go on and on. The CNMI has some serious problems. There is much to lament and deplore. But this is Thanksgiving, a time to count our blessings–so let’s focus on the bright side.

1. Stayman is out of OIA.

2. David North was exposed as an OIA Democratic political hack and was forced into retirement.

3. Don Young’s investigation helped our cause.

4. To date, still no Federal takeover.

5. The harsh CNMI attacks, for the moment at least, appears to have subsided.

6. Ben Fitial is Speaker of the CNMI House of Representatives.

7. After eight long years, Bill Clinton is finally leaving office.

8. Republicans have maintained control of the US Congress!
9. US labor union membership continues to decline.

10. George W. Bush may still win the US presidency, giving the US Republicans full control of both houses of congress as well as the White House.

There you have it: We still have at least some things to be thankful for this year.

Strictly a personal view. Charles Reyes Jr. is a regular columnist of Saipan Tribune. Mr. Reyes may be reached at charlesraves@hotmail.com