27 June 2008
News and Comments 06-27-08
Posted by Roy Bischoff under: Uncategorized .
18 Comments so far...
Tony Says:
27 June 2008 at 2:45 am.
i love this nice lady where did you find her? 
Roy Bischoff Says:
27 June 2008 at 6:03 am.
This is Hallmark’s Maxine. go to http://www.hallmark.com/webapp/wcs/stores/servlet/article%7C10001%7C10051%7C/HallmarkSite/Maxine/
Cameron Says:
27 June 2008 at 6:05 am.
Obama touts green energy, rips McCain on offshore drilling
Updated: June 24, 2008 01:38 PM
Barack Obama Tuesday accused John McCain of trying to appease Americans with “gimmicks” and said he’s not going to offer businesses a “bounty” to get better gas mileage.
Speaking to a crowd inside the Las Vegas Springs Preserve, the presumptive Democratic nominee touted his energy policies while his Republican rival did the same next door in California.
Obama is promising to invest $150 billion over ten years in alternative energy sources, such as the solar panels that cover the Springs Preserve parking structure. “A green economy isn’t some pie in the sky far off future, it is now,” he said.
A ten-year plan could be a tough sell for a country that’s seen gas prices take record leaps over the past two months. In Las Vegas Tuesday, prices held steady at $4.27 per gallon.
Obama said options of a gas-tax holiday and lifting the ban on offshore drilling “might poll well” but won’t bring immediate relief at the pump.
“The American people don’t need psychological relief or meaningless gimmicks to get politicians through the next election cycle,” Obama said.
In attempting to lump McCain in with President Bush, Obama accused the Arizona senator of cozying up to oil companies with his support for offshore drilling. If elected, he promised to levy a tax on companies who weren’t developing sites where they are currently allowed to drill.
Terrie Soberg Says:
27 June 2008 at 9:15 am.
When I grow up, I want to be just like Maxine!
Bryon Says:
27 June 2008 at 10:13 am.
Wow. Oil companies are just fine with leaving the oil situation were it is. They are making a killing right now. More oil flow would decrease the price.
Matt Says:
27 June 2008 at 10:26 am.
Oil reaches $142 on view dollar will keep falling
NEW YORK - Oil futures climbed briefly to a new record above $142 a barrel Friday on expectations that the weakening dollar, a major factor in crude’s stratospheric rise, will extend its decline and add to oil’s appeal.
Retail gas prices inched lower overnight, but are likely to resume their own trek into record territory now that oil futures have broken out of the trading range where they had been for nearly 3 weeks.
Light, sweet crude for August delivery rose as high as $142.26 a barrel in premarket electronic trading on the New York Mercantile Exchange before pulling back to trade up $1.19 at $140.83. On Thursday, the contract shot past $140 and rose more than $5 to a new settlement record.
Oil rose Thursday in part on comments by OPEC officials; the organization’s president predicted prices will rise further, and a top Libyan oil official suggested his nation may cut production.
Bryon Says:
27 June 2008 at 10:31 am.
This is an informative article about the economy and were it is going.
http://www.safehaven.com/article-10606.htm
Jesse Says:
27 June 2008 at 10:41 am.
Matt, here is the part of that article I liked best. I shows that last winter when almost everyone was so excited about all the interest rate cuts, that they really knew it would hurt the dollar in the long run. We talked about that here but not everyone believed us.
Meanwhile, traders were coming around to the belief that the dollar, whose long decline has contributed greatly to oil’s dramatic advance this year, will continue to weaken. The market now expects that the Federal Reserve is unlikely to raise interest rates until much later than many analysts have forecast; since higher rates tend to strengthen the dollar, traders are anticipating that it will continue to fall and, consequently, that investors will turn to commodities including oil as a hedge against inflation.
Bryon Says:
27 June 2008 at 10:49 am.
If the Fed would disband its self and the congress takes over like it is supposed to we could tell them that it is good to have a strong dollar. Interest rates going up is a good course.
Benjamin Says:
27 June 2008 at 12:22 pm.
So glad this is staying in the public debate.
Battle looms over oil drilling off Florida’s coast
By Matthew Bigg
PENSACOLA BEACH, Florida (Reuters) - For decades opposition to oil drilling off Florida’s coast was one of the few issues uniting the state’s Democrats and Republicans, who agreed that shielding the environment and the huge tourism industry came first.
Not now, as oil prices rise and U.S. motorists are paying serious prices at gasoline pumps.
Last week Florida Gov. Charlie Crist, a Republican who often sounds like a Democrat, shattered the consensus by calling for an end to a federal moratorium on oil and gas drilling along the country’s outer continental shelf.
His decision follows the stance of Republican presidential candidate John McCain on an emotional issue before November’s election. Two Republican Florida congressmen also backed Crist.
Bryon Says:
27 June 2008 at 12:54 pm.
Nalvy sent this interesting article
Report: Climate change linked to national security
By PAMELA HESS, Associated Press Writer
WASHINGTON - Global warming probably will mean more illegal immigration and humanitarian disasters, undermining shaky governments and possibly expanding the terrorism threat against the U.S., intelligence agencies say.
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“Logic suggests the conditions exacerbated (by climate change) would increase the pool of potential recruits for terrorism,” said Tom Fingar, deputy director of national intelligence for analysis.
Sub-Saharan Africa, the Middle East and Central and Southeast Asia are most vulnerable to warming-related drought, flooding, extreme weather and hunger. The assessment warns of a global spillover from increased migration and water-related disputes, Fingar said in prepared remarks Wednesday to a joint hearing of a special House committee on global warming and a House Intelligence subcommittee.
Matt Says:
27 June 2008 at 2:49 pm.
Yup, they’ll milk us for all they can get and we’ll give it to them.
Analysis: Complex issues remain on NKorea nukes
SEOUL, South Korea - It took years of talks, coddling and concessions to prod North Korea to step back from its decades-long effort to make atomic weapons, leading to Friday’s dramatic destruction of its nuclear reactor cooling tower.
That was the easy part.
Past experience suggests North Korea will seek more rewards before it moves further to disarm. If Pyongyang actually hands over the nuclear bombs believed to be in its arsenal — the country’s most valuable bargaining chips — the communist leadership would only do so after a long wish list of demands is granted.
The North has repeatedly shown a talent for brinksmanship, along with a mastery of playing countries against each other. And Pyongyang is just getting started.
Hints of the problems to come emerged just hours after the reactor tower tumbled to the ground in a cloud of dust and smoke.
While praising the U.S. for starting to remove sanctions, North Korea’s Foreign Ministry said it would closely watch whether the other sides from the arms talks meet their commitments.
Matt Says:
27 June 2008 at 2:51 pm.
Oil prices set new record near $143 a barrel as investors flock to commodities
NEW YORK (AP) — Oil futures climbed to a new record near $143 a barrel Friday as the dollar weakened against the euro, confirming expectations that the falling greenback, a major factor in crude’s stratospheric rise, will extend its decline and add to oil’s appeal.
Retail gas prices inched lower overnight, but are likely to resume their own trek into record territory now that oil futures have broken out of the trading range where they had been for nearly 3 weeks.
Light, sweet crude for August delivery rose as high as $142.99 a barrel on the New York Mercantile Exchange before pulling back sharply in a spate of late-day profit-taking to settle up 57 cents at a record $140.21. On Thursday, the contract shot past $140 and rose more than $5 to a new settlement record.
The latest record came as the dollar fell against the euro in afternoon trading, having traded roughly unchanged for much of the day.
“The dollar was slightly stronger, and when it gave up its gains, that gave oil the green light,” said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.
Carrie Says:
27 June 2008 at 4:36 pm.
i’ve been riding a bike lately and am in better shape and saving money. i recommend it.
Carrie Says:
27 June 2008 at 5:08 pm.
Well I’m off for the weekend so I thought I’d post one last story. Bye all.
U.S. Stocks Slump, Pushing Dow Average to Brink of Bear Market
June 27 (Bloomberg) — U.S. stocks fell, pushing the Dow Jones Industrial Average to the brink of a bear market, on concern subprime-related writedowns at banks will worsen and record oil and a slowing economy will prolong the worst profit decline since 2002.
The Dow extended its retreat from an all-time high in October to almost 20 percent, the threshold for a so-called bear market. American International Group Inc. and Merrill Lynch & Co. helped send the Standard & Poor’s 500 Financials Index to the lowest level since March 2003 on speculation of mounting losses. Consumer stocks in the S&P 500 slipped to a five-year low as oil topped $142 a barrel.
The Dow lost 115.29 points, or 1 percent, to 11,338.13 at 3:31 p.m. in New York, leaving it 6.51 points away from a bear market. The 30-stock measure fell 10 percent this month for the worst June since 1930. The S&P 500 slid 6.50, or 0.5 percent, to 1,276.65. The Nasdaq Composite Index slipped 11.80, or 0.5 percent, to 2,309.57. Seven stocks declined for every four that rose on the New York Stock Exchange.
“This week the news on earnings is that the second quarter is probably going to be worse than we thought,” said Ron Sweet, vice president of equity investments at USAA Investment Management Co., which oversees $100 billion in San Antonio. “The old news keeps sticking around: it’s energy prices, it’s writeoffs at banks, it’s the slow economy.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aPHeEBSQBj2k&refer=worldwide
Carrie Says:
27 June 2008 at 5:09 pm.
Phew, it is the first time I’ve posted a story and I was afraid I’d do it wrong. Glad to see the link shows up.
T. Fan Says:
27 June 2008 at 5:10 pm.
Good job, Carrie. Have fun.
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