Archive for July 18th, 2008
Posted in July 18th, 2008
Submitted by CARPE DIEM
Dear CEOs of U.S. airlines:
I want to say thanks for the July 10 email you sent to all your customers seeking to explain why today’s air travel experience is so painful. The letter, signed by 12 of you, explained that “oil speculators” — presumably by betting on future oil prices — are […]
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Posted in July 18th, 2008
Submitted by CARPE DIEM
Myth: Mega discount store Wal-Mart is a plague set upon small “mom-and-pop” businesses. The instant Wal-Mart moves into town, all small businesses are destroyed in its path, leaving downtowns barren and empty. According to Robert Reich, Wal-Mart turns “main streets into ghost towns by sucking business away from small retailers.”
Reality: The popular […]
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Posted in July 18th, 2008
Submitted by Econbrowser
The IMF released an update to it’s World Economic Outlook yesterday.
IMF Gloomy on Growth, Sees Rising Inflation Threat
Global economic growth to slow significantly in second half of 2008.
Rising energy, commodity prices have boosted inflationary pressure
Need to adapt to shift in purchasing power from commodity users to producers
The entire report is here.
In other […]
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Posted in July 18th, 2008
Submitted by The Capital Spectator
Maybe, maybe not. We don’t know and no one else does either. At least not today.
Nonetheless, it’s tempting to say that Tuesday’s intraday low of 1200.44 for the S&P 500 certainly looks like the trough–for the moment. Yesterday’s bounce skyward already has some pundits speculating that a return of the good […]
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Posted in July 18th, 2008
Submitted by Econbrowser
I was shocked by today’s report that the high school dropout rate in California has reached 24%.
From the Los Angeles Times:
Deploying a long-promised tool to track high school dropouts, the state released numbers Wednesday estimating that 1 in 4 California students– and 1 in 3 in Los Angeles– quit school. The rates are […]
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Posted in July 18th, 2008
Submitted by CARPE DIEM
FLINT, Mich. — A 100th birthday party, one would think, is cause for special celebration.
But here in Flint, the honoree is the company that both built the city and left much of it collapsed. And so, like generations of a family recognizing a controversial patriarch, people here are taking note of the […]
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Posted in July 18th, 2008
Submitted by CARPE DIEM
The word verification feature for comments has been turned on temporarily, due to a major spam attack last night (putting advertisements on more than 100 CD posts).
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Posted in July 18th, 2008
Submitted by CARPE DIEM
In the midst of the current widespread gloom and doom in the west, it is important not to lose sight of the true structural themes shaping our era.
Linked to the current mood, commentators often depict an embattled and shrinking middle class, with sharply rising financial inequality. However, globally, this is simply […]
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Posted in July 18th, 2008
Submitted by CARPE DIEM
According to Neal Wolkoff, chairman and CEO of the American Stock Exchange, writing in the Financial Times:
I am extremely sceptical that speculators are behind high energy prices. My reason for writing is driven by my concern that in hunting the monster in the closet, we will end up adopting legislation and new […]
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Posted in July 18th, 2008
Submitted by CARPE DIEM
According to Tennessee immigration lawyer Greg Siskind, “While our Congress buries its head in the sand and refuses to update our antiquated skilled immigration system, our neighbors to the north are seeking to take advantage of the paralysis. This is just embarrassing.”
Alberta, Canada is now actively recruiting dissatisfied high-skilled H-1B workers […]
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Posted in July 18th, 2008
Submitted by CARPE DIEM
GENESEE COUNTY, Michigan — Scrap metal thieves have stooped to stealing manhole covers and sewer grates right off the street. In the past year, the city of Flint has had to replace nearly 400 manhole covers and grates that officials believe were likely stolen and sold for scrap.
A scrapper might get about […]
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Posted in July 18th, 2008
Submitted by CARPE DIEM
The chart above shows the subprime share of mortgage originations from 2001 to 2007, using data from Harvard’s “2008 State of the Nation’s Housing” study, available here.
1. From 2004-2006 the subprime share of mortgage originations was around 20%, almost triple the 7-8% share from 2001-2003. What a rise!
2. By the […]
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