Reuters:
Oil over $126, new peak for 5th straight day. “I’m not particularly surprised by the speed of the rise in crude. There are many market bulls hoping for prices to rise heading into the summer.” Oligopolistic capitalism is beggaring us, while the government sits and watches.
Why does everything suck?
I am so sick of “Social”. Oh, I agree. I agree so much I’m bashing my keyboard as I type this. As I’ve mentioned before, as a small business, I’m competing now with firms who wish to market ‘social networking’ to everyone and their unborn children ... whether it is appropriate for their audience demographic or not. Bloody waste of time for most. Apparently some feel I should be martyred for being a heretic ...
The Economist:
Charting the price of oil over the last decade. This puts everything into clear perspective. If you’re still holding on to your SUV, it’s time for a divorce.
Spiked Review of Books:
The cultural contradictions of consumerism. Drives me nuts to visit an amazing historical location, and the area has nothing to offer but shopping and restaurants.
NY Times:
Gas Prices Expected to Peak in June. Oh, the optimism. Premium’s $3.89 down the way ... I’m sure the yearly Memorial Day summer-driving increase in cost will put us over $4.00. I somehow doubt only June will see the highest prices.
NY Times Business:
Just as the Fed hoped we’d have a break, Fanny Mae and Freddy Mac continue to dig substantial holes. The old S&L crisis cost taxpayers dearly; this’ll be one hell of a wallop, in an already-down economy.
Bloomberg:
More Than 200 Economists Denounce Clinton, McCain Gas-Tax Plans. “Obama calls the idea a ‘gimmick,’ rejecting it on similar grounds as the economists.”
Reuters:
‘Mompreneurs’ fill market gaps in baby, mother products. “Now they’re looking for products they need as a mother and they don’t see them, so they go out and invent ... [snip] ... Many of them have the energy and ambition and the time to create products and services and make some money from them.”
Bloomberg:
Countrywide Rating Cut to `Junk’ By Standard & Poor’s.
The Economist:
“The New York Times once epitomised all that was great about American newspapers; now it symbolises its industry’s deep malaise ...”
The Economist:
Bernanke’s bind, and Too soon to relax. “Oh Lord, let us stop cutting interest rates, but not yet.”
Washington Post:
Fed to Pursue Aggressive Checks on Credit Cards. “… prohibiting practices such as arbitrarily raising interest rates on outstanding balances.”
NY Times Business:
Fed Takes Steps to Add Liquidity. Still, banks need to loosen the purse strings before anything recovers.
Bloomberg:
U.S. Offers 0% for First Time on Inflation-Linked Savings Bonds. Our government needs to be on the receiving end of a ‘no confidence’ vote.
SF New Mexican:
Affordable housing: Stopping the exodus. With increasing energy costs, this is going to pinch the capitol city even harder over time.
The Economist:
Gulf economies look at how to spend all the oil revenue. US concern in the ‘70’s, was how much armament they were purchasing. No such concern mentioned here.
NY Times World Business:
“Experts expect prices above $4 a gallon this summer, and one analyst recently predicted that gasoline could reach $7 in the next four years.” Let’s hope that one analyst is over-generous in his theorizing.
NY Times:
Consumer Confidence Slips as Home Prices Drop. “In the 12 months ended in February, the Case-Shiller home price index, which measures the value of single-family homes in 10 major metropolitan regions, fell 13.6 percent, the worst decline since records began in 1987. A broader 20-city index dropped 12.7 percent. The slump in home prices was more severe than the worst point of the recession of the 1990s, the last time values fell so far, so quickly.”
Related: Countrywide posts $893 million loss. “Some 9.3 percent of the loans in Countrywide’s mortgage servicing portfolio were delinquent as of March 31, up from 4.9 percent a year earlier. About 4.8 percent were 90 days or more behind in payments ...”
BusinessWeek:
Good-Bye, Cheap Oil. So Long, Suburbia?
Sad …
to see our collective reaction to news is one of consistent fear and panic. Helped along by a willing media. The rice ‘rationing’ issue at Costco hit the news media a day or two ago, now it’s headlining Reuters, with little background info. From what I’ve read, the US exports 50% of its rice, and we’re the #12 producer of the grain. Keep an even keel, we have large domestic supplies.
In the bigger picture, global warming is making itself felt again. But there are other factors. Go back to April 17, NY Times, and learn of the Australian drought. On top of untoward nature, “… Australia’s total rice capacity has declined by about a third because many farmers have permanently sold water rights, mostly for grape production. And production last year was far lower because of a severe shortage of water; rice farmers received one-eighth of the water they are usually promised by the government.” Wine or rice? Your choice.
Don’t be fooled by the panics of the last 24 hours. The issue’s complex, as most are. I’m not trying to come off as the arbiter of fact ... just insisting on folks Googling modern muddled media misinformation.
Telegraph.UK:
Lehman warns that oil boom will deflate. And we’ll all go back to the way we were, ignoring the lessons learned. For a few more years.
NY Times Editorial:
Empty Talk on Taxes. Yet the reality is, noone can win on a platform of tax increases. Not in this era, anyway. Bush won in ‘00 with nothing but vilification of Gore and ‘tax relief.’ With the economy hitting people’s wallets, a ‘tough love’ platform is sure to lose - even if it makes the most sense.
NY Times Washington:
Government Seeks to Buy Student Loans. Gotta convince the banks to loosen their purse strings again.
SF New Mexican:
Harnessing the sun: Low-cost loans could boost energy independence. Great idea, but given the current state of the economy, it may be more successful in a year or three.
Washington Post:
Most Troubled Mortgage Borrowers Without Plan, Report Finds. “… while lenders appear more motivated to help, they continue to work on a case-by-case basis instead of adopting a more systematic approach. As result, the process is time-consuming and often fails to help borrowers before they fall into foreclosure.”
