Recovery
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By Gegner
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May 11th, 2008
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Greetings good citizen,
tonight’s offering tackles the issue of ‘economic recovery’ when ‘fundamentals’ don’t support the claims.
[clipped from Bonddad’s post]
To say that Wall Street is expecting a second-half recovery would be an understatement. According to Thomson Reuters research, analysts are expecting fourth-quarter earnings growth of 62 percent for the S&P 500. Granted, that is a comparison with a disastrous fourth quarter of 2007, when earnings were down some 25 percent. In the current quarter, S&P 500 earnings are expected to be down 6 percent.
Not only is the market anticipating a swift recovery, but the earnings forecasts suggest that they think it will be lasting. For next year, analysts think earnings will be up 18 percent, twice the growth they are predicting for 2008. read more »
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The end of days
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By Gegner
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May 9th, 2008
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Greetings good citizen,
The ‘price at the pump’ jumped another nickel this week while the price per barrel tacked on another $10.00 from it’s most recent low.
Which is really somewhat bizarre given how stockpiles are full to the brim…yet the pundits still insist the price increases are due to ‘fundamentals’ rather than ‘speculation’…
Oil Surpasses $125 Per Barrel as Dollar Weakens
By THE ASSOCIATED PRESS
Published: May 9, 2008Filed at 2:50 p.m. ET read more »
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Sub-human
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By Gegner
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May 9th, 2008
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Greetings good citizen,
Rather hectic day today but Thursdays are always ‘difficult’ for reasons best left unsaid…
Which is to point out that ‘technically’ it’s Friday at this point in the game, oh well.
Tonight’s offering was lifted from the NY Times:
Questions of Rent Tactics by Private Equity
By GRETCHEN MORGENSON
Published: May 9, 2008Private investment firms have been amassing what may seem like unusual stakes in New York real estate: they have bought hundreds of apartment buildings with thousands of rent-regulated units across the city that produce decidedly meager returns. read more »
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Happy, Happy, Joy -Joy....
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By Gegner
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May 8th, 2008
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Greetings good citizen,
The ‘theme’ of tonight’s offering is ‘happy talk’ , where we take a closer look behind today’s most ‘optimistic’ headlines…
Productivity Rises in First Quarter
By THE ASSOCIATED PRESS
Published: May 7, 2008Filed at 11:56 a.m. ET
WASHINGTON (AP) -- Worker productivity rose by a better-than-expected amount in the first three months of the year while labor cost pressures eased.
The Labor Department reported Wednesday that productivity, the amount of output per hour of work, increased at an annual rate of 2.2 percent in the first quarter. That was slightly higher than the 1.5 percent increase which had been expected. read more »
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Ugh!
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By Gegner
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May 7th, 2008
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Greetings good citizen,
Plans to shrink the US economy to where it can be drown in a bathtub a rather shallow puddle, proceed apace…as you can tell by the stock market’s closing higher today on truly hellacious news…
US April Business Bankruptcy Filings Increase 49% (Update2)
By Bill Rochelle and Bob Willis [hat tip: naked capitalism]May 6 (Bloomberg) -- Business bankruptcy filings in the U.S. increased 49 percent in April from a year earlier, the biggest gain so far in 2008, as the slowing economy prompted more companies to shut down.
Business petitions rose to 5,173 during the month, according to statistics compiled from court records by Jupiter eSources LLC in Oklahoma City. Total bankruptcy filings, including those by individuals, were up 31 percent from a year earlier to 93,096, the group said. read more »
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Cannibalism
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By Gegner
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May 6th, 2008
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Greetings good citizen,
I was hesitant to stick to the ‘program’ tonight as this Credit Bubble Bulletin is far and away more ‘wonkish’ than the last…
That said, I decided to persevere because this piece focuses on the ‘crux’ of the problem. If you can read between the lines of economic gobbledegook, Mr. Noland reveals that the financial economy has replaced the ‘real’ one and that no amount of jiggering by the Fed or the government is capable of fixing this ultimately fatal situation…
So we begin:
CREDIT BUBBLE BULLETIN
More than one step backwards
Commentary and market watch by Doug Noland read more »Bookmark/Search this post with:
Ignore this
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By Gegner
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May 4th, 2008
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Greetings good citizen,
Gnawing at the back of my mind has been two issues, one being how we ‘arrived’ where we are today and the other being what ‘we’ are going to ‘do’ about it.
Understand that nothing is currently ‘on the table’ as far as ‘fixing’ our pressing economic problems. The Fed can perform all the gyrations it likes but there is nothing our central bank can do to put our economy ‘back on track’.
While it is true that they could keep shelling out an endless stream of ‘stimulus checks’, if the issue of our feeble capacity to fend for ourselves is not addressed, we will all soon be forced to develop an appetite for ‘paper’. (Since the checks will soon be useless as far as purchasing what we need, we’ll literally be reduced to eating them.)
As I have stated repeatedly in the past, the answer to the first question (how we got here?) lies in the answer to another question ‘what is the purpose of commerce?’ read more »
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Pressure Points Live: May 3, 2008, AM 1460 Jacksonville Hour One
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May 4th, 2008
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Special guest Bill Harrell, a distinguished Jacksonville trial attorney, discusses tort reform and its relationship to the overall corporate Republican agenda.
CG Comment Line: 206-350-0381
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Pressure Points Live: May 3, 2008, AM 1460 Jacksonville Hour Two
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May 4th, 2008
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Our interview with Bill Harrell continues with a discussion of John McCain's "fake insurance" health care plan and the need for a single payer system.
CG Comment Line: 206-350-0381
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Status Quo
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By Gegner
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May 3rd, 2008
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Greetings good citizen,
While we’re ‘distracted’ by a ruined economy and one of the most derisive presidential primaries in history…those who (really) run this nation are busy.
What are they busying themselves with, you may ask (as it is obvious they are doing nothing about our foundering economy?)
They are busy with the LCD good citizen…shoring up their ability to maintain ‘peace’ through ‘brute force’…the ability to annihilate any and all that oppose their rule, foreign or domestic…
America's Chemically Modified 21st Century Soldiers
By Clayton Dach, Adbusters. Posted May 3, 2008.Armed with potent drugs and new technology, a dangerous breed of soldiers are being trained to fight America's future wars. read more »
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Angry again...
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By Gegner
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May 3rd, 2008
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Greetings good citizen,
I NEVER type a post directly into the textbox of the submission page but tonight's offering is an exception, I just got through listening to four Nobel Laureates discussing the economy and, well, the title says it all.
Either the only 'qualification' necessary to win a Noble Prize in economics is having friends on the nominating committee or one need only be a hopeless synchopant of modern economic 'wisdom'...(read insanity) as none of these fucktards had a single useful observation or worse, anything resembling a realistic point of view.
If these guys are in fact the 'smartest guys in the room' then we are indeed in dire trouble good citizen!
One man (another Nobel Prize winning economist) who was not on this esteemed panel recently went on CNBC's Squawkbox to say he expects a 'repeat' of the Great Depression...not the exact phrase he used but close enough for our purposes. read more »
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Tap Dancing on a landmine...
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By Gegner
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May 2nd, 2008
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Greetings good citizen,
Strange days indeed…today the markets advanced nearly two hundred points to close over the 13,000 mark for the first time in nearly six months…
And all the casual observer can do is scratch their head in wonder…
Once again I feel compelled to point out that the performance of Wall Street is more indicative of the health and well-being of the ‘investor class’ than that of the nation itself.
Economic Clouds? Wall Street Sees Signs of Sunshine
By VIKAS BAJAJ
Published: May 2, 2008Main Street may be struggling, but Wall Street is on a bit of a roll. read more »
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Cutting (our throats)
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By Gegner
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May 1st, 2008
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Greetings good citizen,
Hold your toes ‘cuz here we goes!
One can only wonder how high that ‘Ivory Tower’ Fed economists occupy really is as they once again have clobbered the dollar with yet another rate cut!
Coming soon to a service station/supermarket near you, higher fuel and food prices!
Unfortunately, try as you may, you won’t miss it!
Once again good citizen we see a ‘convenient narrative’ being built to fit the facts, rising prices coincide with increased demand (mostly foreign so it’s nearly impossible to ‘quantify’) rather that the truth…higher prices are the direct result of the Fed’s deliberate destruction of the dollar!
The Fed is shoveling money into the securities markets through their multiple ‘re-liquification’ facilities and that’s showing up in the ‘value’ of the dollar… read more »
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"Hello, I'm from the U.S. government and I'm here to terrorize you."
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By Pen
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April 30th, 2008
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That's about how I felt when I first heard that Ardent Sentry terrorist exercises were going to take place in Seattle May 1st-8th. This is the fifth post 9-11 drill since the Continuity of Operations Plan was implemented by Bush on March 2, 2002. No one is allowed to actually see the plan, not even members of Congress on the House Committee on Homeland Security. Note that this is the first time a congressman who has access to classified information has been denied documents pertaining to his committees area of influence. read more »
Peak Oil
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By Gegner
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April 29th, 2008
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Greetings good citizen,
No discussion of the ‘perfect storm’ confronting our civilization would be complete without examining the effects of permanent energy scarcity upon the global (which will cease to exist or the ‘local’) economy.
That said, this article does not delve into the cascading systemic failures that would occur if we fail to ‘adapt’ our lifestyles to a ‘sustainable’ model.
As you are all well aware, there is no movement, lead by the ‘powers that be’, towards this necessary adaptation…
We Must Imagine a Life Without Oil
By Mark Hertsgaard, The Nation. Posted April 29, 2008.The era of cheap, abundant petroleum is just about over. How ready are we to change our habits?
It is seldom necessary to leap in at the beginning of an article to ‘correct’ a glaring misstatement…but here we are. read more »
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Stage II
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By Gegner
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April 29th, 2008
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Greetings good citizen,
It’s Monday so you know what that means…
I’m inclined to warn you that this week’s installment is quite ‘wonkish’, I’ll do my best to ‘clarify’ the tortured language of ‘economic speak’ where possible/practical…
Thus forewarned, we begin:
CREDIT BUBBLE BULLETIN
The meaning of stage II
Commentary and weekly watch by Doug Noland read more »Bookmark/Search this post with:
What do they think they're doing?
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By Gegner
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April 27th, 2008
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Greetings good citizen,
It’s a three ring circus out there, starting with ‘the uniter’ turning up on the set of a popular TV game show, followed later in the week by not one but all three candidates for president appearing on video clips during a recent broadcast of WWE ‘Raw’…
Both incidents are powerful reminders of that very disturbing question that haunts us all…is this really the best we can do? Three hundred million people to pick from and look at the clowns who won their respective parties ‘go ahead’ to run…
Remind me again which one of these people is supposed to solve this nation’s serious and deepening troubles?
But none of this is (thankfully) the topic of tonight’s offering. read more »
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