{"id":196804,"date":"2008-03-24T16:01:00","date_gmt":"2008-03-24T21:01:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/03\/24\/economics-update-494\/"},"modified":"2008-03-24T16:01:00","modified_gmt":"2008-03-24T21:01:00","slug":"economics-update-494","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/03\/24\/economics-update-494\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<p><a href=\"http:\/\/money.cnn.com\/2008\/03\/24\/markets\/oil.ap\/index.htm\">Oil is holding steady<\/a>, and the <a href=\"http:\/\/money.cnn.com\/2008\/03\/24\/markets\/dollar.ap\/index.htm\">dollar has strenghtened<\/a>, but <a href=\"http:\/\/www.msnbc.msn.com\/id\/23777279\/\">Gasonine has hit a new record<\/a>.<\/p>\n<p>My predictions, which are usually wrong, Oil is pretty much permanently above $100\/bbl, the dollar has a way to go down still, probably settling sell south of $1.75:\u20ac1.00, and Gasoline prices will break $4.00\/gal in a year, and that there will be overshoots on all of them.<\/p>\n<p>But my predictive record sucks wet farts from dead pigeons.<\/p>\n<p>It looks like the Federal Home Loan Banks will be performing the way that God and Herbert Hoover<sup>*<\/sup> intended, in that <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=arPWF4k4slUE&amp;refer=home\">will be making things much worse<\/a> by bailing out investors in bad mortgage bonds to the tune of $150 billion.<\/p>\n<p>Hoover was a stalwart supporter of doing the wrong thing, back to his days in China, where he supporter what came very close to murder in Chinese mines.<\/p>\n<p>Oh&#8230;.JP Morgan blinked, and <a href=\"http:\/\/www.forbes.com\/markets\/equities\/2008\/03\/24\/bear-stearns-jpmorgan-markets-equity-cx_po_0324markets06.html\">upped their offer on Bear Stearns to $10\/share<\/a>.  This is a bailout of two groups of people:<\/p>\n<ul>\n<li>The Bear Stearns employees who f&amp;%$ed up the place to begin with.<\/li>\n<li>The investors who saw the mess, and said, &#8220;Give me some of that.&#8221;<\/li>\n<\/ul>\n<p>They both deserve to lose, and, of course, those people who bought at $5\/share just made out like raped apes.<\/p>\n<p><sup>*<\/sup><span style=\"font-size:85%;\">Hoover created the FHLB system.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil is holding steady, and the dollar has strenghtened, but Gasonine has hit a new record. My predictions, which are usually wrong, Oil is pretty much permanently above $100\/bbl, the dollar has a way to go down still, probably settling sell south of $1.75:\u20ac1.00, and Gasoline prices will break $4.00\/gal in a year, and that &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1080,973,1135],"tags":[],"class_list":["post-196804","post","type-post","status-publish","format-standard","hentry","category-currency","category-economy","category-energy"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196804"}],"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=196804"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/196804\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=196804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=196804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=196804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}