Friday, June 06, 2008
Freaking DoomedI'm quoting one of my favorite financial wizards, The Mogambo Guru. Whatever his subject matter, whether it be national debt, inflation, the Fed and it's active dollar printing press, he always punctuates his statements with something like, "Oh My God, We're Freaking Doomed!" I followed his financial advice a time or two, but it has yet to pay off in any important way, thus I am still working all the time, and will still only be able to retire when I'm 90.
But who the hell knows anymore about the economy?
Today, and as I write, the market is open for another two extremely painful minutes, oh my god, the Dow lost 400 points, and oil soared to $138 a barrel!!! What's going on? Oh! Thank god!!! It's now 4:01, and the markets are closed. Whoa! Where is that bottle of single malt I was saving for my retirement? Ahhhh....NO Ice Cubes? No Problem. I'll just chug straight from the bottle.
So okay...What just happened? Earlier in the week, the Fed announced no more interest rate cuts, the dollar rebounded, and the NASDAQ was headed to record highs for the year. Oil dropped to $124, and people were saying that the recession was nearly over, they were talking about oil getting back down to $90 a barrel, and things were looking rosy. Today, the unemployment rate jumped to 5.5 percent, the highest it's been in 22 years, and all of a sudden the shit is hitting the fan. The dollar tanked, the Dow which is really just being kept alive on life support from the Fed with infusions of cheap credit, crashed with a thud heard round the world.
What will happen to my own job, when people are paying 6 dollars a gallon for gas? Everyone in my neighborhood drives an over-sized SUV, or a mini-van, I know, because I am terrified when I ride my bike down the street, and several of them cause me to nearly lose my life on my way to the grocery store. How much will it cost for my produce to be shipped here from California, and how much will I have to charge my customers for that plum tomato and fresh basil salad? Imported Prosciutto? All the way from Italy? Fogettaboudit, as my uncle Dominick used to say, if you are not invested heavily in oil, you will be just like me, pedalling a two wheeler, and eating generic brand Mac and Cheese, and desperately scouring the cabinets for anything containing alcohol. Oh... awesome! here's some cooking sherry!
I would quote The Mogambo Guru again, but twice is too much in one post, so I'll just say it in my own words:
We are sooooo F-ed.
Technorati Tags: Economy, The Mogambo Guru, oil prices, stock market
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No subject for immortal verse
That we who lived by honest dreams
Defend the bad against the worse."
-- Cecil Day-Lewis from Where Are The War Poets?
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