Tuesday, December 23, 2008

Articles of interest

Returned home late tonight and don't have much time to post, but would like to share a couple of links with you... Feel free to just scan through the lower ones, but I highly suggest you read the entire Karl Denninger post (1st below).

1) Karl Denninger Must Read: To Our Government: You Must Act Now please be sure to read the article at the embedded link internal to Karl's post

2) When will the government's long and costly bailout of the deeply distressed insurance giant AIG be over? Don't expect it to be anytime soon. - AIG's rescue has a long way to go

3) Even a federal bailout could not save three of the last remaining plants in the United States still making sport utility vehicles - It’s the End of the Line for S.U.V.’s

4) Home sales declined dramatically last month and housing prices posted their sharpest decline in four decades as a rapidly slowing economy discouraged many potential buyers from tip-toeing into the market - November Home Sales Fell Faster Than Expected

5) The US economy shrank in the third quarter, official data confirmed Tuesday, as the IMF's top economist warned of a second Great Depression offering no respite from relentless gloom ahead of Christmas - US economy shrinks as IMF warns of Great Depression

6) Dour data expected on Christmas Eve dampens the holiday spirit. U.S. economic reports are likely to be downbeat tomorrow, with data on durable goods (fall of 3% expected) and weekly unemployment claims of 558,000expected - Santa Likely To Skip Wall Street

In closing, allow me to share with you a very old, yet quite fitting quote for today's economy:

The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance. -- Cicero , 55 BC



1 comment:

Anonymous said...

Hi Randy, Found your site today (link from the wonderful Max K. site) and really enjoy it. Regarding the quote from Cicero. It's astute but not relevant to today IMHO. Today's biggest problem is too many people in the world competing for too few jobs, the net result will have to be redistribution of wealth with G8 people having much much less.