Tuesday, June 15, 2010

Back From Vacation: Bad News in the Air

I did not keep up with news while on vacation. Sadly, the news stories greeting my return are not positive. There are several key themes:

1. States' fiscal conditions worsen as stimulus wanes, forcing cut-backs that will surely raise unemployment
http://www.businessweek.com/news/2010-06-13/economy-in-u-s-slows-as-states-lose-federal-stimulus-funds.html

2. The oil Armageddon continues unabated. BP lied about severity of spill. Wildlife is not expected to survive and certain species are severely threatened. Headlines include: "Oil Spill Worse Than Feared" (AZ Rep. June 11 A1), "BP Took Shortcuts in Oil Rig" (June 15 AZ Rep. A1), "Estimate of Spill's Size is Raised..." (WSJ June 11 A1), etc. There are no words that can adequately capture the extent and horror of this disaster

3. Bad Economic News: Retail sales down, Sovereign Debt Crises Up http://www.nakedcapitalism.com/2010/06/satyajit-das-nowhere-to-run-nowhere-to-hide.html, and "Double-Dip" Looming... http://www.nakedcapitalism.com/2010/06/double-dip-recession-talk-bustin-out-all-over.html

4. Suspicious "put" activity immediately prior to 9-11 attacks raises questions http://georgewashington2.blogspot.com/2010/06/sec-government-destroyed-documents.html

maybe I need to go back on vacation in order to avoid being depressed by all this...

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