Oil set to shock US economy
“An oil crisis is coming, and sooner than most people think. We need to act now. Unfortunately, we are behaving in ways that suggest we do not know there is a serious problem.” – [...]
America Selling Out
Pat Buchanan sums up our economic standing. Basically, we’re in deep shit:
With the dollar sinking, oil surging to $100 a barrel, the Dow having its worst January in memory, foreclosures mounting, credit card debt going rotten, and consumers and businesses unable or unwilling to borrow, we appear headed into recession.
If so, tax revenue will fall [...]
The Problem With ‘New’ Oil
From the The Economist:
Nowadays, new oil tends to be found in relatively inaccessible spots or in more unwieldy forms. That adds to the cost of extracting oil, because more engineers and more complex machinery are needed to exploit it—but the end of easy oil is a far remove from the jeremiads of peak-oilers. The gooey [...]
Merrill Lynch: Recession Here
The BBC is reporting that Merrill Lynch believes that the US economy is in recession:
The feared recession in the US economy has already arrived, according to a report from Merrill Lynch.
It said that Friday’s employment report, which sent shares tumbling worldwide, confirmed that the US is in the first month of a recession.
…
An official ruling [...]
Economists ‘Looking for a Bunker to Hide in’
I can’t get around the economy online today. NYT, WSJ, and SF Gate all have pieces relating to the state of the financial system. It’s looking bad.
NYT:
“This is unambiguously negative,” said Mark Zandi, chief economist at Moody’s Economy.com. “The economy is on the edge of recession, if we’re not already engulfed in one.”
SF Gate:
The Bush [...]
Gazprom: Last Major Gas Field Goes On Line
Indicates oil will be harder to extract and more expensive from now on.
About
Brian is a recent college graduate living in Washington, D.C.
Contact
Google Talk: bmcguigan.
Quotes
“We Americans are the ultimate innocents. We are forever desperate to believe that this time the government is telling us the truth.”
– Sydney Schanberg
1990
Sponsor
Barack Obama
← Back to Home
©Brian McGuigan. All Rights Reserved.