And perhaps for the rest of us, too.6:04 PM, Jan 6, 2015 • By GEOFFREY NORMAN
The ZeroHedge headline nails it:
Worst Start To A Year Ever, Stocks Down 5 Days In A Row
And the New York Times elaborates:
Stocks continued to retreat from their recent record highs on Tuesday, weighed down by an ongoing plunge in the price of oil. Bonds rallied as investors bought the safest assets, pushing the yield on the benchmark 10-year Treasury note back below 2 percent for the first time in three months.
The moves suggest that investors have little confidence the economy in the United States will continue to grow at the 5 percent annual pace reached in the final quarter of last year. As a consequence, company earnings will suffer. The reason behind the gloomy prognosis is a slowdown in growth elsewhere in world, particularly Europe.
The precipitous fall in the price of oil is good news for individuals but may auger bad news when viewed in the aggregate. Oil is a commodity, after all, and in an economic slowdown, commodity prices fall.
In a severe contraction, they fall and fall.
3:54 PM, Dec 19, 2014 • By GEOFFREY NORMAN
Thanks to (mostly) fracking you can not only drive to work for less than before, you may now be writing a smaller check to cover the mortgage. As the Wall Street Journal reports:
2:43 PM, Dec 16, 2014 • By GEOFFREY NORMAN
As if the plunging price of oil were not enough to doom the market for electric and hybrid automobiles, there is this from ABC News:
9:21 AM, Nov 5, 2014 • By JERYL BIER
While the nation was focused on the mid-term elections Tuesday, Secretary of State John Kerry spoke at the Johns Hopkins School
12:00 AM, Oct 11, 2014 • By IRWIN M. STELZER
Anyone who doubts that the deployment of the technologies we have come to call fracking constitutes a revolution should consider this. U.S. oil production has soared by 70 percent in the past six years. American refineries have cut in half their imports from the OPEC cartel, setting off a scramble by those countries to find new markets.
2:04 PM, Oct 8, 2014 • By GEOFFREY NORMAN
Seems Canada is tired of waiting – and waiting – for a decision on the Keystone pipeline and has come up with an alternate plan for moving the oil to market.
3:31 PM, Oct 6, 2014 • By DANIEL HALPER
Former secretary of state Hillary Clinton has mocked President Obama's foreign policy of not doing stupid stuff. She has publicly undermined her former boss's Syria policy. But there's one issue where she won't voice an opinion: whether the Keystone XL pipeline should be built.
In Canada today, she refused to state her opinion on the matter:
A climate agenda for the president.Sep 15, 2014, Vol. 20, No. 01 • By IRWIN M. STELZER
On September 23 in New York, the president will have an opportunity to score a political victory and advance an important part of his agenda. No, not at some Park Avenue fundraiser, although he might squeeze one in, but at Climate Summit 2014, a meeting of heads of state convened by U.N. secretary general Ban Ki-moon “to galvanize momentum toward a new global agreement on climate change,” to be finalized at a 2015 summit meeting in Paris.
11:49 AM, Jul 28, 2014 • By MICHAEL WARREN
Lamar Alexander, the two-term Republican senator from Tennessee, is in a strong position to win reelection this November. But only if he can get through his August 7 primary.
10:59 AM, Jun 16, 2014 • By DANIEL HALPER
EPA chief Gina McCarthy agreed with Bill Maher on Friday that the Obama administration is engaged in a war on coal:
"The clean power program," Maher said. "Some people called it a war on coal. I hope it is a war on coal. Is it?"
"Actually, EPA is all about fighting against polution and fighting for public health," McCarthy said before answering Maher's question. "That's exactly what this is."
"Oh, great," Maher said to applause.