Military Spending: Not ‘Recession Proof’


	Military Spending: Not ‘Recession Proof’

Andrew Gillies

11-3-2008 9:18 AM

627 views

Andrew Gillies says:

The New York Times' Thom Shanker and Christopher Drew survey the outlook for U.S. military spending. From the equities standpoint, U.S. aerospace and defense stocks are down 33.2% year to date, versus a drop of 33.9% broadly for U.S. equities.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/e6c9a48a-50b6-4777-beac-3640755f3112/BA83624B-A210-4ADF-9541-8D8EC252525B/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2008/11/03/washington/03military.html?pagewanted=2&_r=2&ref=washington" href="http://www.nytimes.com/2008/11/03/washington/03military.html?pagewanted=2&_r=2&ref=washington" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/11/03/washington/03military.html?pagewanted=2&_r=2&ref=washington"><NYT_HEADLINE type=" " version="1.0">
Anticipating Cuts in Military Spending, Budget Planners Sharpen Their Pencils
</NYT_HEADLINE></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/11/03/washington/03military.html?pagewanted=2&_r=2&ref=washington"><P>Executives at the leading defense contractors say they realize that the Pentagon’s spending is likely to be more restrained. <A title="More information about Boeing Co" href="http://topics.nytimes.com/top/news/business/companies/boeing_company/index.html?inline=nyt-org">Boeing</A>’s chief executive, <A title="More articles about W. James McNerney Jr.." href="http://topics.nytimes.com/top/reference/timestopics/people/m/w_james_mcnerney_jr/index.html?inline=nyt-per">W. James McNerney Jr.</A>, recently wrote in a note to his employees: “No one really yet knows when or to what extent defense spending could be affected. But it’s unrealistic to think there won’t be some measure of impact.”</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/11/03/washington/03military.html?pagewanted=2&_r=2&ref=washington"><P><A title="More articles about Ronald D. Sugar." href="http://topics.nytimes.com/top/reference/timestopics/people/s/ronald_d_sugar/index.html?inline=nyt-per">Ronald D. Sugar</A>, the chief executive of Northrop Grumman, told stock analysts last month that financing for the company’s projects seemed locked in for the coming year. But, Mr. Sugar added, “Clearly the pressures are going to increase in the out years.” </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/11/03/washington/03military.html?pagewanted=2&_r=2&ref=washington"><P>A number of scholars who have examined the subject, including David C. Hendrickson, a political scientist at Colorado College, predict that “defense will not prove to be ‘recession proof.’ ” </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/BA83624B-A210-4ADF-9541-8D8EC252525B/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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