Archive for the 'Economy' Category
Marc Faber: ‘Misleading’ Fed Should Let Banks Fail
June 28th, 2008His chortles at the CNBC bozos were great. It gets really good at the end of Part 2. Part 1: Part 2:
The Price Of Food: 2007 – 2008
June 28th, 2008I noted a few of the most shocking increases. Remember, these are changes over just one year. Via: Cattle Network: Eggs, Grade A +28.32% Barley +52.56% Beans, Dry Edible +64.29% Corn +46.70% Flaxseed +134.46% Lentils +147.73% Oats +38.96% Peas, Dry Edible +62.38% Rice, Rough +50.00% Sorghum +41.45% Soybeans +72.75% Sunflower +65.06% Wheat +80.33% Research Credit: […]
Unemployed Banker Stands on NYC Street Wearing ‘For Hire’ Sign
June 27th, 2008Via: USA Today: Call it a sign of the times. An unemployed banker has taken to the streets of Manhattan — wearing a pinstriped suit and an “MIT Graduate for Hire” sign draped over his shoulders. Joshua Persky, an unemployed financial engineer, says he’ll be passing out resumes during the lunch hour all week. On […]
Barclays Warns of a Financial Storm as Federal Reserve’s Credibility Crumbles
June 27th, 2008Via: Telegraph: Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall “below zero”. “We’re in a nasty environment,” said Tim Bond, the bank’s chief equity strategist. “There is an […]
U.S. Stocks Tumble, Sending Dow to Worst June Since Depression
June 27th, 2008Equities are drifting lower again this morning. The dollar is still falling / oil still rising / gold gapping higher. Via: Bloomberg: U.S. stocks tumbled, sending the Dow Jones Industrial Average to its worst June since the Great Depression, as record oil prices, credit-market writedowns and a slowing economy threatened to extend a yearlong profit […]
America’s Aviation System Could Be at Risk of Collapsing by the Beginning of Next Year
June 27th, 2008Via: Christian Science Monitor: America’s aviation system could be at risk of collapsing by the beginning of next year. That warning from aviation experts has prompted some industry leaders to call for re-regulation, something considered almost heresy until now. Others are urging Washington to do more to rein in the oil speculators pushing up fuel […]
OIL UP AND OUT OF PREVIOUS RANGE; NEW RECORD HIGH
June 27th, 2008Dollar tanking again. Via: Reuters / Guardian: Oil cracked the $140 record high that market bulls had been eyeing for weeks, and grains and metals rallied as well, as supply issues and inflation from a weak dollar dominated commodity markets on Thursday. The Reuters-Jefferies CRB Index, one of the broadest indicators of commodities demand, rose […]
Gold Sharply Higher
June 26th, 2008Via: Market Watch: Gold futures rallied to a one-month high on Thursday boosted by weakness in the U.S. dollar, as other metals futures also posted strong gains. Gold for August delivery rose $29.70 to $912 an ounce on the New York Mercantile Exchange. The precious metal earlier hit an intraday high of $914.50 an ounce, […]
Supreme Court Cuts Exxon Punitive Damages for Valdez Oil Spill by 80%
June 26th, 2008Via: San Francisco Chronicle: The Supreme Court, winding up a term of victories for businesses, cut punitive damages for Alaskans harmed by the Exxon Valdez oil spill by 80 percent today in a ruling that may signal new limits on damage awards for victims of corporate wrongdoing. In a 5-3 decision, the justices reduced punitive […]
U.S. Retailers to Close Hundreds of Stores
June 25th, 2008Via: Inquirer: HIGH AND RISING world oil and food prices, the implosion of the US housing bubble and the ensuing consumer credit vapour lock have cash-strapped US consumers staying out of retail stores in droves, and this is forcing dozens of US retailers to close hundreds of stores. Information technology related companies that are closing […]
