Posted on 11/10/2008 11:41:59 AM PST by BenLurkin
W has been a horrible economic president. I don’t think I’m the one ignoring the obvious.
Well, the solar flux is up to 71 and Nov’s sunspots are already more than Oct’s. It looks as if Solar Cycle 24 is finally here. Unfortunately the time and intensity fluctuations between Cycle 23 and 24 nearly match those of the 2 cycles at the start of the Dalton Minimum.
Reuters
Oil rises above $57, OPEC lends support
Thursday November 13, 9:39 am ET
By Barbara Lewis
LONDON (Reuters) - Oil rose above $57 a barrel on Thursday, recovering from a 22-month low as it drew limited support from news OPEC might take more emergency action to compensate for a deep drop in energy demand.
...
Faced with the prospect stocks will swell as consumers stop buying, pushing prices even lower, the Organization of the Petroleum Exporting Countries said it was considering an emergency meeting on November 28 in Cairo.
Only last month, it agreed to cut output by 1.5 million bpd at emergency talks in Vienna.
“The only thing supporting the market is the possibility of OPEC cuts at the end of the month, but the production cuts would probably only be in step with falls in demand,” said Christopher Bellew of Bache Financial.
“The economic picture is terrible and the IEA only confirmed that.”
BREAK-NECK FALL
Oil has lost more than 60 percent of its value since hitting an all-time high above $147 a barrel in July.
...
The sell-off has accelerated as the global economic crisis has driven traders to take their money out of riskier assets such as oil, which has been strongly correlated to falls on wider financial markets.
...
Later on Thursday, the focus for the oil market will shift to the latest U.S. inventory data for release at 11 a.m. EST, a day later than usual because of a public holiday in the United States on Monday.
markets react to tomorrow, not yesterday. Think Obie can’t do worse? just wait. It’ll make the Carter years look like the good old days.
bttt
bttt
Like the sun rising. So many jobs that currently make up the numbers are in specialty retail and other service industries that were all spurred into existence by the large amount of disposable income generated after Regan fixed the economy 25 years ago. Those days are coming to a close, and with it goes 5.00 coffee, big box electronics and the ability to support 20 different fast food places. That is a hell of a lot of jobs.
How about all those illegals that perpetuated the growth of these businesses? Will they still be here to take the jobs American citizens could take to feed their family?
Yesterday I received a Chase credit card statement with a 6% guaranteed interest rate. Since they cannot increase the interest rate they increased the minimum payment from 2% to 5% AND added a $10/month processing fee. I am able to handle this financially but how many are not. If one credit card does this I have no doubt all will eventualy.
What is the reason behind this? To get a person to payoff their cards for funds to prop them up. To pay for the deadbeats. AND, they will turn around and also collect funds from the Fed window. What a deal this bailout is!!/s
Thanks for posting this and the ping.
Below is a course of action that conservatives can take this month and in December to welcome the tax and spend Obamac0ns:
We have a few things that will probably quit working soon like a 20 year plus tv, 13 year old microwave. I have some fly reels over 10 years of age and some fly lines that are a few years old.
So I will probably be negotiating to purchase these items before the year ends.
Pre and Post Christmas sales should be great for our side.
So I think that we will buy some off those items before after Christmas.
In fact any real good buys will be probably bought this month/November so the taxes don’t come in January 2009.
That way Zero, Pelosi, Reid and Barney Frank will not benefit from those purchases.
Check my tagline.
Bump!
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