Posted in economy, politics, tagged 80 percent, A380, accountable for, airliner, Americans spend less, baby formula, barriers, bioregionalism, car, Carnival, chain, China, Chinese spend more, CNN, consumers, contractor, cost cutting, crankcase, Credit Suisse, cruise, currency war, cut corners, defects, devaluation, doctrine, dogma, Dollar, Dong Tao, downsides, drugs, eco-friendly, economic engine, ecoregionalism, electronics, emergency, emerging power, engine, failure, fake, fakes, faulty, FDA, Federal Reserve, fire, flimsy, food, G-20, G20, globalisation, globalization, going broke, Green Revolution, grounded, hazards, imitation, improved, jet, job losses, knockoff, landing, leading economy by 2012, leveling the playing field, liberalization, lifestyle realignment, lost income, lower, manufacturers, market, medications, melamine, military gear, mineral, natural resources, news, out of luck, parts, passenger, pets, port, post-American, produce, production, productivity, protectionism, protectionist, protest, Qantas, quality assurance, quantitative easing, rebalance, recalls, recession, recession here to stay, replicas, responsibility, risk, Rolls-Royce, runs out, safety, salaries, scarcity, shady, ship, shocking, shoddy, shortage, Splendor, supplier, sustainability movement, tariffs, tensions, track record, trade liberalization, trade war, treason, treasury bills, troops, turnover, U.S., unemployment, Veteran's Day, wages, way of life, who is to blame for, workmanship, world economy on November 12, 2010 |
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Last week: A late-model Qantas A380 jet engine disintegrates mid-air, with passengers lucky to have survived the ensuing in-flight trauma. This week: A two-year-old Carnival cruise ship is towed into a San Diego, California port after an engine crankcase spontaneously splits open, erupting in fire. Passengers in this case, too, were lucky that the worst they suffered was cold food, limited electrical power and non-operable toilets. And in what would have been shocking 10 years ago, news of contaminated meat, recalled produce and unsafe drugs are now so routine that most of us shrug it off.
In such situations, the finger-pointing tends to be brand, manufacturer or supplier-specific. Indeed, it is tempting to chalk up such news to a series of unfortunate flukes. But is that the best and brightest lesson we can draw — or does our mainstream news media tend to downplay or disregard the Big Picture?
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Posted in economy, tagged agreement, austerity, author, billionaire, book, capital, Cassandras, Charlie Rose, competitive, consequences, consumer, contraction, contrarian, controversy, corporate mercantilism, corporations, correction, crash, credible, credit, currencies, cuts, dangers, debate, deficits, derivatives, disadvantage, disincentive, doomsayers, double dip recession, downturn, Dr. Doom, due, economy, effects, Elizabeth Warren, export, Financial Modernization Act, financial services industry, financial system, foretold, fragile, free trade, future, gambling, gap between the rich and the poor, GATT, Glass-Steagall Act, globalism, globalization, goldsmith, Gramm-Leach-Bliley Act, Great Recession, grow, hindsight, IMF, incentive, industrialized, international, International Monetary Fund, investments, irrational exuberance, Jeremy Grantham, joblessness, jobs, liberalisation, liberalization, losses, Main Street, markets, meltdown, middle class, NAFTA, nations, new normal, New Trade Theory, Nouriel Roubini, oligarchy, outsource, parity, PBS, pendulum, perma-bear, Peter Schiff, playing field, predict, private interests, protect, reasons, recovery, Reform, regulations, risk, Robert R. Prechter, Robert Shiller, Senator Byron Dorgan, shift, stimulus, stock, struggle, tariff, TARP, theory, trade, trade deficits, trap, treaty, two-income trap, unemployment, volatility, Wall Street, workers, world, World Bank, World Trade Organization, WTO on July 28, 2010 |
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Giving credit where credibility is due.
Charlie Rose:
How do you see the economy today? The world economy? Where are we?
Answer:
I think the financial system is extremely fragile. I think that you can see it in the volatility of currencies; you can see all sorts of weaknesses. I believe that there is an incredible amount of danger in things like the derivatives. I think that we are moving toward the outer limits of acceptable risk taking. … I think our financial system is dangerous and could create great problems for the real economy. …
— Sir James Michael Goldsmith, billionaire financier, 1994; February 26, 1933 – July 18, 1997
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Posted in economy, politics, technology, tagged adapt, adjustment, ahead, alternative energy, alternatives, Amazon, American Dream, Baby Boomers, bailouts, banks, barrel, big box, Big Coal, Bowling Alone, brick and mortar, budget, buy local, buying, buying decisions, cap and trade, capacity, careers, cars, Cash for Clunkers, chain stores, challengers, change, climate, coffers, commodity, communitarianism, communities, community, community centers, community purse, companies, compete, computers, concentration, consequences, constrain, consumer confidence, consumers, cookie cutter, crude, Dark Age, deals, debt, debtor, deficits, defunct, demand, demise, demographics, desertification, destinations, developments, digital, discontinued, discounters, diversity, domain, double dip recession, downsizing, drivers, e-commerce, e-retailers, e-tailers, ecommerce, economists, education, efficiency, Ellen Ruppel Shell, encroach, energy, entitlements, erosion, evolution, expectations, Federal, financial, forecast, fossil fuels, free shipping, frugal, fund, future, gains, gasoline, globalization, GNP, governments, Green, Greening, growth, hardware, here to stay, heritage, hikes, hindsight, horizon, income, increases, independence, inflation, infrastructure, innovation, internet shopping, Jane Jacobs, Jeff Goodell, jobless recovery, jobs, landscape, lifestyle, lingering, local, local color, long term, loss, losses, market forces, marketplace, Marshalls, money, moneysaver, mouse, myth, necessity, new normal, oases, oil, oil refineries, out of business, outlook, overstock, Perfect Storm, petro, pitfalls, population, postal service, prediction, price wars, prices, production, projection, public safety, purchases, question, ramifications, rates, reality, red tag, refining, regulation, retail, retailers, revolution, risks, Robert B. Putnam, Ross, sales, scale back, sell, shift, shipping, shop, shop locally, shoppers, shopping, signs of life, Social Security, society, spend, stagnation, standard of living, state, suburbia, SUVs, TARP, tax base, tax revenues, tax-free, taxation, thrift, time, TJ Maxx, toll, too little too late, towns, trade, transport, travel, trends, unintended, United States, urban, vacuum, wages, weak, web, web bargains, websites, welfare, workforce on March 22, 2010 |
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For years “energy independence” has been the catch-all solution promoted by politicians, talk radio hosts, newspaper columnists and others who point out that the U.S. is short on oil refining capacity. Nonetheless, petroleum production facilities are not only in the process of downsizing in response to a weak economy, but permanently so the Los Angeles Times reports in “Oil companies look at permanent refinery cutbacks” [March 11, 2010].
The oil industry, which as recently as 2007 broke so many profit records that allegations of collusion and price-gouging surfaced, is singing a different tune: Limiting supply to increase sagging profit margins is the solution, analysts say, for losses induced by everything from fuel efficient cars to retiring baby boomers who no longer commute to and from work.
And to think: Just a few years ago SUVs, with their paltry ~13 mpg, were the rage from Coast to Coast. Could it be that Cash for Clunkers, unintentionally so, was a little too effective — or are oil industry insiders selling Americans up the river when they can least afford it? Whatever the case may be, nothing says Green like fuel-efficient automobiles and the beginnings of an alternative energy infrastructure. Even so, the picture the LAT paints is far from complete. The Perfect Storm of tightening supply, increasing commodity prices, rising taxes and further job losses looms on the horizon.
Hang on to your hat! The price of life is going up.
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