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September 16, 2009
Forecast: State's Recovery Pushed to 2011
California’s economy will continue to shed jobs at a rapid rate through the rest of this year and the job picture will remain flat for 2010. Growth will only resume in 2011, according to the latest UCLA Anderson Quarterly Forecast to be released early Wednesday.
The song was released in 1972 and the clip above is from 1973. Once sarcasm is factored in, I really think the words and the mood do justice to California's economy. Here's something else from 1973.
1973 oil crisis
The 1973 "oil price shock", along with the 1973–1974 stock market crash, have been regarded as the first event since the Great Depression to have a persistent economic effect.
September 8, 2009
Another oil bubble? We can only speculate
If the call by Gordon Brown, the prime minister of the UK, and Nicolas Sarkozy, the president of France, in The Wall Street Journal in July for the International Organisation of Securities Regulators to oversee the oil futures market is followed up, and the plans of the US Commodities Futures Trading Commission to place limits on aggregate positions on oil futures contracts are implemented, it would put a brake on speculation in the oil market and thereby reduce the likelihood of another bubble emerging.
I have an alternate theory. Once global investors are told that speculating in oil will no longer be tolerated, then global investors will want to invest in oil even more.
Imagine a headline in the news that said the government was limiting toilet paper speculation by putting a cap on how much toilet paper we could buy. What are the odds we'd be able to find ANY toilet paper in ANY store the next day?
May 8, 2006
Why Price Controls Don't Work
When prices spike as they have with gasoline, lawmakers who don't understand the free market think enacting price controls will solve the problem. In reality, price controls do the opposite, as the lawmakers in Hawaii learned the hard way...
In any event, let's hope that the price of oil does not continue to outperform the stock market into the distant future. You know what a big fan I am of commodity driven stock markets ensuring our long-term financial prosperity. Not!
Real Estate Newsletter Articles this Week: Existing-Home Sales Increased to
4.15 million SAAR in November
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At the Calculated Risk Real Estate Newsletter this week:
[image: Existing Home Sales]*Click on graph for larger image.*
• NAR: Existing-Home Sales Increase...
16 hours ago
4 comments:
Stag,
You've GOT to see this. Ken Fisher in rare form:
http://finance.yahoo.com/tech-ticker/article/334648/Too-Much-Debt--Please.--We-Need-MORE-Debt-Says-Ken-Fisher;_ylt=AgpHhicoo6ip_b7hij4v17G7YWsA;_ylu=X3oDMTE2MnVtODhjBHBvcwMxMARzZWMDdG9wU3RvcmllcwRzbGsDdG9vbXVjaGRlYnRw?tickers=tlt,tbt,spy,dia,%5Egspc,udn,uup&sec=topStories&pos=8&asset=&ccode=
Apparently, people are losing their homes and declaring bankruptcy in record numbers because they are under-indebted. Who knew?
I don't know if Ken Fisher has looked lately, but our return on assets was ~ negative $12 trillion last year!
The scary part is, if we don't grow the debt exponentially, the system dies - abruptly.
We are screwed.
mab,
That guy drives me nuts. I ALMOST heckled his thoughts yesterday!
http://www.bloomberg.com/apps/news?pid=20601080&sid=axdqhiDcbxCg
“The bigger and uglier the bear market, usually the bigger the V,” Fisher, who manages $28 billion as chief executive officer of Fisher Investments Inc. in Woodside, California, said in an interview in New York. “A normal V-shaped recovery lasts one year, and the current rally started in March.”
What is normal about this recession?
Let's say he is right though. Any thoughts on what he'll be saying when the one year is finished? Will he turn very pessimistic and tell us all to sell? How about in 5 more years? What will he be saying then?
Here's a glimpse of what he might say, since he actually said it last week.
Ken Fisher: Buy Fossil Fuels
http://moneynews.newsmax.com/streettalk/fisher_fossil_fuels/2009/09/09/257937.html
“If you want your air conditioner to work in 2014, you'd better hope that more fossil fuel plants get built.”
Yeah, I kind of want my air conditioner to work in 2014. I'm silly that way. I wonder what will happen to our economy if my air conditioner doesn't work in 2014. I wonder.
Honest to God. If I want my stomach turned all I have to do is google "Ken Fisher". I've done it twice in the last week. I must be a glutton for punishment.
More debt as the solution, well at least Fisher is on the same page as the FED, too bad its the last page of "American Empire". Boys, let us know what's the enxt step after the words "The End".
LMAO, that guys comments today were a real belly bender.
GYSC,
"The End"
What comes next? I know this one!
Friday the 13th
Friday the 13th Part 2
Friday the 13th Part III
Friday the 13th: The Final Chapter
That's when it ends clearly.
*long dramatic pause*
*humbly look down at shoes while whistling*
"Friday the 13th: A New Beginning"
"Friday the 13th Part VI: Jason Lives"
"Friday the 13th Part VII: The New Blood"
*you are here*
"Friday the 13th Part VIII: Jason Takes Manhattan"
Oh oh.
"Jason Goes to Hell: The Final Friday"
In a handbasket. That's what I'm talking about.
"Jason X"
"Freddy vs. Jason"
"Friday the 13th (2009)"
And the economic cylce is complete!
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