They are not the fools. We are.
Pre-empting Palin? Obama says the government will open three areas – in Alaska, off Florida's West Coast and off Virginia – to the drill-baby-drill crowd. The USGS suggests these areas may produce a total of 15 billion barrels of oil over the 35 years after 2020. That's about 1.17 million barrels a day – less than 10% of our current oil Jones. But why now, when it could have been a bargaining chip in the climate debate? Oh, right, Republicans don't bargain so you might as well cave in right away.
Run Away! Run Away! Not only are Day Traders bellying up to the bar, now we learn that the house flippers have returned. Something's in the air, but I'm not sure it's spring.
Inquiring Mind: Why are the apocalyptic Christian militants who wanted to kill police officers so they could set off IEDs at their funerals not called “terrorists”? How come they were just arrested and put in jail, rather than being waterboarded at Guantanamo?
Over There: Unemployment in the Eurozone has reached 10%, while inflation on the continent has reached 1.5% suggesting that they, like the US, are not over the the latest contagion. Meanwhile, the US the National Bureau of Economic Research (our referee) reports there is still no recovery in sight and that prospects for job growth remain dim.
A Modest Proposal: Perhaps those of us who warn of the dangers of overpopulation should stop at one child
Twilight Zone: PIMCO says it is entirely possible the US could lose its AAA debt rating, that 10-year Treasuries fetch 5% by the end of 2011 (that sound you heard was the housing market crashing), and that the sovereign debt disaster is just getting started. Have a good Easter.
Don't Touch That Dial: Newly revised numbers are pointing to a decline in house prices. The seldom cited Federal Housing Finance Agency's (FHFA) adjusted figures show house prices declining 2% in December and 0.6% in January, suggesting the pause indicated by the recent Case-Shiller index was just that – a pause.
Relativity: The continuing demand for US debt shows that investors still think it is the safest in the world. Not safe, mind you, just better than the others.
Dreaming: What the GOP calls a redistribution of wealth, the administration views as “Just being fair.” As Joe Biden observed, “Taxes have been lowered for the wealthy considerably over the years. It's about time we get a little tax equity here." Say Amen.
Here's The Problem: Economists have discovered that the world is running short of cash. And I thought it was just me.
Violence: The language of violence always presages violence. The impoverishment of a working class and the snuffing out of hope and opportunity always produce angry mobs ready to kill and be killed. Offering unemployed people the right to keep their unemployed children on their nonexistent health care policies is an insult that fools no one. Giving Wall Street trillions while 1 out of 8 Americans depends of food stamps explains more of the popular anger than the health care bill ever could. As long as the elite run the government for their private enrichment, the anger will build.
Actual Common Sense: A federal judge has struck down patents on two genes linked to breast and ovarian cancer. Just think, if you get cancer you could have been sued for patent infringement.
Good Hands: JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and UBS were among more than a dozen Wall Street firms involved in a conspiracy to pay below-market interest rates to U.S. state and local governments on investments. This helps explain their profits. JPM has also been caught illegally manipulating the silver market to the detriment of its customers.
Squaring the Circle: OPEC, the International Energy Agency and the International Energy Forum are forming a plan to combat “oil-market volatility.” Let me know how that works out, come August.
Porn O'Graph: Location, location, locations.