Category Archives: Economy

Questionable Journalism

They build a strong case here. I’m not impressed with CNN’s reporting.  Pretty strong arguments against Ali Velshi here.

CNN’s Velshi Pimping Dirty ‘Oil Sands’ Boondoggle

CNN’s senior business correspondent, Ali Velshi, is a one-man public relations team for the polluters that advertise on his network. In response to rising energy prices, Velshi has spent months promoting the Nazi-era technology of liquid coal. On CNN’s American Morning, Ali Velshi previewed his weeklong tribute to another disastrous and dirty boondoggle, the Alberta [...]

Mid-Week Update

Finally found a few moments to wade through the wonderful world of blogging, and stumbled on a few things that really caught my eye.  I know I’ve been bad about updating lately, and I apologize.  Now, start reading.  And, don’t be afraid to leave a comment along the way.

English Only Rule Aimed at High School Valedictorian

The folks of Terrabone Parish in Louisiana want to cultivate their image as being backwards. Their lack of values are showing. Now they are set to require all speeches be made in English after the Valedictorian included a sentence of Vietnamese in hers — she did so to honor her parents, proving her own strong values.

McCain gets ‘visibly angry’ when challenged on whether military experience prepares him to be president.

ABC News’ David Wright reports that when he asked John McCain to “explain how his Vietnam experience prepared him for the presidency,” McCain “became visibly angry”: McCain became visibly angry when I asked him to explain how his Vietnam experience prepared him for the Presidency. “Please,” he said, recoiling back in his seat in distaste at the [...]

Bush Stimulates The Porn Industry With His Economic Package

When President Bush announced his economic stimulus in January, he bragged that his package was the “right size” and would “boost” the economy: I am pleased that this agreement meets the criterion that I set forth last week to provide an effective, robust, and temporary set of incentives that will boost our economy and [...]

Another McCain-ism

Hate to play “gotcha” so frequently with Mr. McCain, but he’s certainly giving us ample opportunity to do so.

Can McCain Find A Single Economist To Back His Claim That Offshore Drilling Will Lower Gas Prices?

Our guest blogger is Adam Jentleson, the Communications and Outreach Director for the Hyde Park Project at the Center for American Progress Action Fund. The government’s official source for energy statistics says that offshore drilling will not have a “significant impact” on gas prices until 2030. McCain’s own campaign admits that offshore drilling will have [...]

Finally Friday

And, you know, it just couldn’t get here fast enough! It’s one of those days where the clouds are hanging around, threatening to rain.  A little rain wouldn’t hurt around here, unlike for our neighbors to the north where floodwaters continue to be a problem.

And, no surprise here, Americans aren’t happy.  Not at all.

Eight in 10 Americans say country is headed in the ‘wrong direction.’

A new AP-Ipsos poll finds that nearly eight in 10 Americans believe “the country is moving in the wrong direction…amid soaring food and gas prices, falling home values and unending war. Just 17 percent say the country is going in the right direction.” This figure is the lowest since the survey began in 2003, and [...]

Drilling For Oil

At first, I was beginning to go along with the President’s oil drilling idea, unveiled this morning. I was figuring we really do need to go looking for every little  bit of crude oil we might have hidden away under American soil or water.  I can’t avoid looking at the signs at every gas station I drive by, I guess it’s the same thing as looking at a car crash or a train wreck.  Who would have thought that we’d be seeing $4 a gallon gas? Somebody, somewhere, should have seen this coming.  And something should have been done to ward it off. But, there was no anticipation, no planning, no changes.   And, here we are, talking about something that, apparently, isn’t going to make a bit of a difference.

Bush Disagrees With His Own Energy Dept, Claims Drilling In Arctic Refuge Will ‘Bring Enormous Benefits’

This morning in the White House Rose Garden, President Bush called on Congress to “pass good legislation as soon as possible” that would lift the federal ban on exploring the Outer Continental Shelf (OCS) and allow states to permit offshore oil drilling. Bush said in order to relieve the “painful level” of gas prices, “our [...]

Fathers’ Day Winding Down

Nice one around here.  Had a wonderful phone chat with my day, then our kids had us over for a barbecue and now we’re home.

Earlier today, I was skimming through some DVD’s old old news programs I’d done a couple of years ago.  March of 2006, and was taken aback by the business segments, where our market analyst was commenting on 60 dollar a barrel oil and how it needed to be back down to 50 to make the market happy.  HA! Now, we’re looking at 150! Two short years. Memories.  Memories

Ugly Economy Is Back To The 1970s

Not since the 1970s has the U.S. economy faced such an ugly combination of a persistent energy shock, a looming recession threat and menacing inflation that stays stubbornly high — even in the face of a screeching slowdown in growth. This combination has the Federal Reserve, charged by law with [...]

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Friday Night Economy

As if all the other news (Russert, tornadoes, floods) wasn’t bad enough, here’s a tasty tidbit from the economic front.

US Foreclosure Filings Surge 48 Percent In May

Soaring foreclosures are continuing to raise questions about the mortgage industry’s claims that they are making a dent in the housing crisis. Foreclosure filings last month were up nearly 50 percent compared with a year earlier. Nationwide, [...]

First McCain, Now Robertson

The hits just keep on comin’.

HuffLarious: Pat Robertson Pulls Out Best Bush Impersonation

A record breaking heat wave is sweeping the East Coast and it looks like even God’s closest friend, Pat Robertson, can’t escape the torturous temperatures. Robertson appeared to have some sort of heat stroke on “The 700 Club” Monday morning as he introduced a segment on gas prices. Ol’ Patty kicked off the intro by mixing up [...]

Time To Gas Up

Get that credit/debit card ready. It’s scary out there.

Pain At The Pump Retrospective: How Gas Prices Soared During The Bush Administration

On Sunday, the national average price for a gallon of gas reached a new, previously unthinkable milestone of $4.00/gallon. Americans are struggling — and drivers in some parts of the US are spending up to 16% of their income on fuel. But we didn’t just wake up one morning to find gas prices this high. [...]

It’s Not Just Because Walking CAN Be Healthy

A hike to the supermarket could be healthy. But, when it’s 90 degrees and you’re 80 years old, it’s not such a good idea.

New Trend, Walking To The Supermarket

Over the past few weeks I have noticed something I have never seen before here in Texas. On several different days and occasions, I have witnessed people walking to and from one of our local supermarket’s (HEB) and some of the people making these walks are traveling miles during their round trip visits. I believe these people are walking to the supermarket because the nationwide price of gas hit $4 per gallon this weekend for the first time. Not only are gas prices at record highs, the price of basic foods are also going up as well. Remember [...]

Setting Up For Monday

This kind of report doesn’t bode well for influencing the stock market in a good way Monday.

Credit Crisis Expands, Hitting Wide Swath Of Consumers

The credit crisis triggered by bad home loans is spreading to other areas, forcing banks to tighten credit and probably extending the credit crisis that’s dragging down the economy well into next year, and perhaps beyond. That means consumers are going to have an increasingly difficult time getting bank loans for car purchases, credit cards, home equity credit lines, student loans and even commercial real estate, experts say. When financial analyst Meredith Whitney wrote [...]

Sunday Almost-Afternoon

Slow and lazy Sunday morning. The coffee was unusually decent. The air continually hot and muggy. It’s taken me 20 years, but I’ve finally discovered how to effectively utilize all of the ceiling fans in the house. The air conditioners seem to be running much less than usual, despite the 90 degree weather.

Now, if I could just do something about gas prices.

$4 A Gallon: National Gas Price Average Reaches Record

Drivers are paying an average of $4 for a gallon of gasoline for the first time. AAA and the Oil Price Information Service say the national average price for a gallon of regular gas rose to $4.005 overnight from $3.988. But consumers in many parts of the country have already [...]

McCain And The Bush Economy

Care to weed through the details? This makes my head hurt.

After biggest unemployment jump in 22 years, McCain vows more of the same

On the economic front, the news is “ugly.” The nation’s unemployment rate jumped to 5.5 percent in May — the biggest monthly rise since 1986 — as nervous employers cut 49,000 jobs. The latest snapshot of business conditions showed a deeply troubled economy, with dwindling job opportunities in a time of continuing hardship in the housing, credit [...]

Tough Talk

If I was a reporter for a Tribune paper, I’d be worried. VERY worried. I’ve never heard such tough talk about job cuts.

Tribune Planning Big Cuts: Fewer Papers, Firing Reporters

Tribune Company newspapers like The Los Angeles Times and The Chicago Tribune will quickly cut costs — by printing fewer papers and employing fewer journalists — top company executives said on Thursday. Samuel Zell, the chairman and chief executive of Tribune, and Randy Michaels, the company’s chief operating officer, revealed the cuts during [...]

Friday Follies For June 6

I have some running around to do today, so posts may be sparcer than they have for the first part of the week. I’m thinking about some options to move the blog to a platform that offers some more options, in terms of content and monetization. If you come here via, you won’t miss a thing. At any rate, it’s not going to happen right away!

Today, it’s all about the economy. Unemployment rate is up. Stocks are down. Oil prices are up. It’s just downright depressing. But, the hits just keep on coming.

Banks now facing new real estate financial problems

Subprime loan defaults were bad enough, but now banks are dealing with fire sales to unload hundreds of millions and billions of dollars worth of loans to the real estate construction business. The bubble that Greenspan and the Republicans created has ravaged the system in countless ways that will not just go away. Remember, this is what [...]

Another Economic Hit

Guess where it comes from? The housing market. Just wave after wave of great news.

Equity in Americans’ homes falls to historic low (1945)

The equity Americans have in their most important asset – their homes – has dropped to its lowest level since the end of World War II. Homeowners’ portion of equity slipped to from a revised 47.5 percent in the previous quarter. That was the fifth quarter in a row below [...]

Energy Optimism

It’s tough to find much to be optimistic about. Here’s one tidbit. It’s still a couple of years down the road – probably even more for most auto makers – but it’s something to hold onto. Something to look forward to.

Tipping Point?

Four dollar a gallon gasoline has stimulated something that should have been done years ago – development of an alternative to the internal combustion engine. And for once it may be an American automaker that is leading [...]

Public Service Time

In the interest of helping save you some money, I’m really interested in this “hypermiling” thing.

Hypermiling: Getting “Regular” Cars Up To 70+ MPG

It’s really no surprise that the combination of various gas-saving techniques known collectively as ‘hypermiling’ are getting more attention these days with oil hitting record highs (though part of it is because of the weakness of the US dollar) [...]

Today’s Economic Note

Ugh. I hate to have to tell you, but it’s getting bad out there. REALLY bad. via Yahoo and AP.

Home Foreclosures Set Record in First Quarter

Home foreclosures and late payments set records over the first three months of the year and are expected to keep rising, stark signs of the housing crisis’ mounting damage to homeowners and the economy. The latest snapshot of the mortgage market, released Thursday, showed that the proportion [...]


Another one. Is there CPR for an entire industry?

Continental Airlines to cut 3,000 jobs, capacity

Continental Airlines is cutting 3,000 jobs and reducing capacity in the fourth quarter by 11 percent, citing record fuel costs and an industry in “crisis.” Also, the company’s chief executive and president say [...]