Perfect Storm?
"Wow" is all I can say about this economy right now. We have a housing bubble collapse, weakening dollar, soaring energy prices, as well as rising food prices. It looks like the Fed is going to cut the rate again in March which will further weaken the dollar, causing oil to rise even further. I ran across this article in Yahoo Finance. I'll paste it below also.
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People are definitely changing their habits and eventually this commodity bubble will burst, but when? Five dollar fuel? Six? Last week I bought 150 gallons of heating oil for 3.48 a gallon. I wanted to try to hold out but with a cold snap coming I didn't want to chance it and all the companies have a 150 gallon minimum. Sucks when you know you're getting screwed but have no choice. Batten down the hatches folks! I might be hitch hiking to MATS! :shock: |
Re: Perfect Storm?
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I never though the day would come when the Canadian dollar was worth more than ours |
"take off aye, you hooser."
Quote from the MacKenzie Brothers |
I'm hearing now the shoe is getting ready to drop on commercial lending, which will effect commercial construction. It's already getting bad in construction as the residential guys are coming over to commercial and bidding cheap. I got outbid the other day on a job in downtown Baltimore by half..........HALF! I just shook my head.
Perhaps we should hold off on building any walls on the southern border, as the illegals might be heading home soon. Probably more work back home. :lol: :lol: I like that avatar jedfxg, best rockn roll band in the world! |
The thing about current oil prices is that they totally unsupported by any fundamentals. Stocks and reserves are growing and demand is, or should be, falling as the economy weakens. My personal opinion is that at least $30.00 of the current oil price is due to speculation. The root cause of which is that we have a global crisis of excess liquidity. A bunch of the money that was buying mortgage backed securities is now chasing oil futures. I predict that the price of oil will drop dramatically at some point, I'm just not sure when, or how much damage will be done to the economy before it does.
My favorite conspiriacy theory is that our current regime knows that it will be out of power next year, and is doing everything it can to destroy the nations economy, so the new regime will have a huge mess to deal with at home as well as in Iraq and Afghanistan. I'd say if that's there goal, they are doing a great job. |
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It's almost fascinating to watch all this unfold but at the same time it's not fun filling the tank. :cry: |
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If you think he's been doing a great job, I want the name of your drug connection. You're obviously smoking better stuff than I can find.
Unless you think having the economy and the environment both destroyed, while watching the greatest concentration of wealth in the hands of the upper class in 80 years, and seeing real jobs for the middle class move offshore at an unprecedented rate while speculators grow wealthier and the rest of us will spend decades paying the several trillion dollar bill for a completely unneccessary war is all good. In that case we are in wonderful shape. Just keep buying all the Chinese made shit at Wal Mart and don't worry about your right of habeas corpus. Ignorance is bliss. |
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As I don't know what either US or WW inventories are, I hope you're right and Mr Market adjusts to the decreased demand and those speculators get burned (oil burn??). |
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