The average prices of a gallon of gas and a barrel of oil are near 150-year highs. Most pundits expect them to go higher. Are you ready for $5-per-gallon gasoline?
Goldman Sachs Corporation is facing a new wave of charges of not looking out for the interests of its clients this week, as one corporate vice president published a resignation March 14 letter in the New York Times and the company agreed March 13 to pay a $7 million fine to the Commodity Futures Trading Commission. Goldman Sachs stock took a hit on the two-pronged attack March 14, losing $2.2 billion in stock value with a three-percent plunge, though the stock recovered significantly the next day.
In an economic transaction, who should be the one saying thank you — the buyer or the seller? Or in an employment relationship, who should be thanking the other — the employer or the employee?
A heated issue now being debated amongst President Obama, congressional members, and the general public is the tumultuous rise in gas prices that Americans are now faced with daily. House Republicans have ramped up efforts to expose Democrats and the President for their purported resistance to oil development and energy independence.
As more and more young people graduate from college with mounds of unresolved loan debt, financial experts and bankruptcy attorneys are calling the progressively worsening dilemma the "next debt bomb." According to a new survey conducted by the National Association of Consumer Bankruptcy Attorneys (NACBA), 81 percent of bankruptcy lawyers report that the number of prospective clients with student loan debt has increased "significantly" or "somewhat" in the past few years.
The continuing boom in North Dakota seemingly has no end. Last June oil production from the Bakken Formation exceeded 11 million barrels a month. In February it reached 16 million with estimates that by late spring North Dakota could be producing more oil than either California or Alaska. That’s more than double what the state produced just two years ago.
“Somehow we have to figure out how to boost the price of gasoline to the levels of Europe,” said Dr. Steven Chu, director of the Lawrence National Laboratory, in an interview with the Wall Street Journal in September 2008.
When Lakshman Achuthan, co-founder of Economic Cycle Research Institute (ECRI) appeared on CNBC to defend his prediction last September of an “imminent” recession, challenges came from many observers, including Tom Keene and Ken Prewitt of Bloomberg and Jon Stewart of The Bonddad Blog. Each pointed to an array of economic indicators that appeared to make Achuthan’s prediction appear almost silly: jobs data improving, auto sales increasing, homebuilders stock prices bouncing, consumer sentiment positive, and others.
White House announcements celebrating the jobs report from the Bureau of Labor Statistics (BLS) were optimistic: “Private sector employers added 233,000 jobs to their payrolls in February [which] means the economy has added jobs for 24 consecutive months…” This illustrates “the progress of the last two years and the importance of doing everything we can to continue strengthening our economy and creating jobs for the months and years ahead,” wrote Megan Slack on the White House blog. Alan Krueger, chairman of the Council of Economic Advisors, was equally enthusiastic:
In yet another sign that the looming American debt crisis is close to spiraling out of control, February’s monthly federal deficit was the highest ever recorded — $229 billion, according to a report released last Wednesday by the Congressional Budget Office.