Friday, January 04, 2008

Bush says the economy is on a solid foundation, just like in 1929!

According to the Yahoo stock ticker the Dow is now down 234.35 points on news that the unemployment rate has gone up to 5.0%. reports: "Last month, employers added the fewest new jobs to their payrolls in more than four years, said the jobs report released Friday by the Labor Department. The report also showed that employment conditions are deteriorating, strained by a housing slump and credit crunch that are sapping economic strength."

Not to worry, though, W. had a meeting with his economic Brains-Trust and they've got it all under control. Despite all he bad news and the roller coaster stock exchange W. assures everyone that, "Financial markets are strong and solid . . . This economy is on a solid foundation." []

Kind of sounds a little like one of his Republican predessesors, Herbert Hoover, who said in October of 1929: "The fundamental business of the country . . . is on a sound and prosperous basis."

Meanwhile, news comes today that the price of a barrel of oil going up to $100 the other day was all the work of a lone trader.

AFP reports:

"The trader has been named by US and British media as Richard Arens who runs a one man oil brokerage, ABS. "The magic figure was hit apparently on the back of a single trade, rumoured to be a local intent on fame," Sucden analysts wrote in a commentary Thursday on the record breaking deal. Arens offered 100,000 dollars on the New York market on Wednesday for 1,000 barrels of oil, producing the much talked of 100 dollars per barrel which sparked anguish across the financial markets. He later sold on the contract for slightly below 100 dollars, taking a 600 dollar loss."

Regulation is really a bad thing, right? Wild West speculation on a vital commodity like oil is what business is all about! God Bless America!


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