{"id":196514,"date":"2008-04-18T16:55:00","date_gmt":"2008-04-18T21:55:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/04\/18\/economics-update-476\/"},"modified":"2008-04-18T16:55:00","modified_gmt":"2008-04-18T21:55:00","slug":"economics-update-476","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/04\/18\/economics-update-476\/","title":{"rendered":"Economics Update"},"content":{"rendered":"

<\/p>\n

Current position of Dollar with Regard to Euro<\/span><\/span><\/div>\n

The rebels in Nigeria’s delta region just bombed an oil pipeline, and in response, oil hit $117\/bbl<\/a> before settling at $116.69.<\/p>\n

In addtion to lower levels of employment, hours worked by those still<\/span> employed are also down<\/a>, so there are fewer people doing less work to produce goods and services.<\/p>\n

Both Citi<\/a> and AT&T<\/a> are announcing big layoffs because of losses (Citi), and “increased competitive pressure (AT&T).<\/p>\n

It’s a recession already.<\/p>\n

The Fed just auctioned off about $25 billion for non-magic beans<\/a>, as a part of its ongoing Wall St. bailout.<\/p>\n

Yesterdya, I talked about new home sales falling, today, it’s existing home sales falling 13%, but north of the Border in Canada<\/a>, which has generally had a better regulated loan market.<\/p>\n

Finally, a picture, courtesy of Paul Krugman<\/a> showing the increase in the LIBOR-OIS spread since this all started:
<\/p>\n


The second image is actually a bit scarier, because it shows a longer time frame, and it shows that the spread is completely outside of historical norms.<\/p>\n","protected":false},"excerpt":{"rendered":"

Current position of Dollar with Regard to Euro The rebels in Nigeria’s delta region just bombed an oil pipeline, and in response, oil hit $117\/bbl before settling at $116.69. In addtion to lower levels of employment, hours worked by those still employed are also down, so there are fewer people doing less work to produce …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,975,1135,1004,1088],"tags":[],"class_list":["post-196514","post","type-post","status-publish","format-standard","hentry","category-economy","category-employment","category-energy","category-finance","category-real-estate"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196514"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=196514"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196514\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=196514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=196514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=196514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}