Thursday, February 23, 2012

SAR #12054

Debt is a dance; it takes two.

Huffing and Puffing: The National Association of People Who Want You To Buy A House Realtors claim that existing home sales increased 4.3% last month. The mortgage purchase index was down 2.9% last week and the index tracking refinancing dropped 4.8%. Tough call, believing bankers over the realtors.

Devil/Details: The bailout, among other absurdities, gives Greece's lenders the right to confiscate the country's gold reserves. It also demands changes in the Greek constitution that will ensure that debt servicing comes before all other uses of Greek revenue.

Political Science: Gasoline prices are rising because of: 1) Geo-political forces. 2) Speculators. 3) Supply and Demand. 4) The flood of QE from the Fed. 5) Peak Cheap Oil. 6) China's thirst for our oil. The correct answer(s) depend on your political leanings.

Less Than Minimum Wage: As part of their abject surrender to the northern invaders, Greek public sector contract workers' pay will be retroactively cut (effective November 1st). Teachers, municipal workers and civil servants expected to work without pay until they have "paid back" the overpayments. And this is on top of a 20% reduction in pay.

Fog Of Justifying War:The Pentagon's top lawyer claims that there is no real difference between killing selected (or random) American citizens and shooting down the commander of the Japanese Navy during WWII. And if it is, the President still has the right to kill you, based on secret interpretations of those parts of the Constitution that were written in secret ink.

Why Less Is More: If the US is using less gasoline, and it is, why do prices keep rising? Because people in China, Brazil, and India are using more. A lot more. And there are also speculators driving up the price of petroleum and geopolitical stresses in producing regions. So expect $4.00 or $4.5o – which "will have a significant impact on the economy ... and if we would have a $5 average for a month or two, we're going back into recession."

Voting With Their Feet: Greek 1-year notes are now priced to yield 763%. Fitch agreed, downgrading Greece from CCC to C.

Gander/Goose: If women's contraception is not to be covered by medical insurance, what about vasectomies? After all, if the government knows best what's good for women, why should men be allowed to make decisions regarding their plumbing? And a vasectomy is equal to years and years of abortions, in terms of thwarting God's plans.

Broken Dreams: As was obvious when the Army refused to give up power, those who made the revolution in Egypt see no hope for ending undemocratic governance or improving economic conditions. Even with the elections, they seem to be just trading one tyranny for another. Perhaps there was not enough bloodshed.

Swallow/Not Spring: Euro zone industrial orders, which fell 1.1% in December, rose 1.9% in January.

Not Always: Water apparently isn't going to be allowed to run downhill from two Austin-area lakes that are still extremely low due to the long drought. This will put a serious crimp in Texas rice production, much of which depends on this water source.

Daily Dose: GOP pollster Frank Luntz, appearing with Sanctimonious Rick Santorum, said he put a ‘Run, Barack, Run’ sticker on his front bumper. Isn't this a direct threat to the President?


TulsaTime said...

We are in gas-crash land now. The pundits act like people are used to it, but folks are broke. Oil at 110 a barrel is going to take us from not in good shape to flaming wreckage. And if the crazy politicians let Israel talk us into a war with Iran, the 300 a barrel oil will grind the west into sand.

Anonymous said...

One way to offset the pain at the gas pump is to build up mass transit and rail, people have been pointing this out for many years now. Sadly, this country seems hellbent on continuing its destructive addiction to car culture and far-flung, unsustainable communities.

I'm Not POTUS said...

Dear Anon:

You ask to much of thems' thats' in charge.

Easier for them to just let the pot boil and wait for 4 billion other "bidders" for barrels simply vanish.

kwark said...

RE "Broken Dreams" ". . . hope for ending undemocratic governance or improving economic conditions." Oh, for a moment I thought you were talking about the US. My mistake.

RE "Why Less is More" The article informs us that we have "thicker skins" with regard to higher gasoline prices. Oh really. I've heard that before but it sure-as-hell doesn't apply to me! So paying ever more for things is supposed to be like weight training . . . incremental increases mean that in the end I CAN pay more? Errant nonsense but it certainly hides reality! A much more apt analogy would be that paying more for gas is like adding straw to the camels back. We just haven't reached the load (gas price) where the last bit of straw breaks the camels back.

Anonymous said...

It's actually The National Association of People Who Need You To Buy A House.