I heard some guy on CNBC this morning say, “it’s not a crash.”
then what the heck do you call this:
[S&P 500, 5 year chart] — that line on the far right side of the chart goes all the way down to 909, from a chart high of 1691. that’s got to be a crash.
I couldn’t bear the thought of NPR news on the drive in to work this morning, so I turned on the classical music station, figuring I could let me mind wander. the piece of work that greeted me was some kind of spiral into armegeddon… and at it’s conclusion the DJ (are they DJs on classical stations?) said that this work was Tchaikovsky’s Symphony_No._4, which was completed in the aftermath of a friends catastrophic marriage and claimed she would find in it “an echo of your most intimate thoughts and emotions.” Nice.
From A Composer’s Confession:
“If you can’t find joy within yourself, then look around, go to the people. See how they can give themselves up to pleasure! A peasant festival is depicted. But no sooner do you forget yourself in others’ joy than the unrelenting Fate again reminds its presence. Again the heavy theme from the first movement appears. But the others don’t care. They are not looking at you at all, they are still happy. Rejoice for the happiness of others, and so you can still bare to live.”
A pleasant surprise from the Washington Post:
the idea that the United States, the world’s single largest energy consumer, can be independent of the $5 trillion-per-year energy business — the world’s single biggest industry — is ludicrous on its face. The push for energy independence is based on a series of false premises.
They identified five myths about energy independence:
- Energy independence will reduce or eliminate terrorism.
- A big push for alternative fuels will break our oil addiction.
- Energy independence will let America choke off the flow of money to nasty countries.
- Energy independence will mean reform in the Muslim world.
- Energy independence will mean a more secure U.S. energy supply.
And the said the same thing I always say:
Remember, the two largest suppliers of crude to the U.S. market are Canada and Mexico
Whole article here.
In the comments to this thread on Lou Dobbs decrying our trade deficits, one Mike Laursen had the winning quote in my book:
You’d think that our having thrived through thirty-one years of trade deficits might spark the thought that maybe trade deficits don’t matter that much.
Ah yes, remember how great things were before the huge trade deficits? The crappy-funk economy that was the mid-70’s; gas shortages and national ‘malaise’?
Until someone can offer some better proof — historical precedence even — that these trade deficits are bad, I don’t buy it. The prediction that impending doom is right around the corner is as old as mankind, and it sells a lot of books and TV airtime…