Lost amidst headlines of bank nationalization, credit market woes, and a worldwide equities rout, was news that the Baltic Dry Index, an index seen as a measure of world trade flows and future economic activity, has been in freefall this week. A drop of 8% on Tuesday was bookended by drops of around 11% on both Monday and Wednesday.
Recent soundings from Washington suggest that neither party has a solid idea of what to do about the deepening economic crisis. It makes me cringe to hear Barney Frank, Chairman of House Financial Services Committee, talking about a big stimulus to “prop up consumption”. read more »
A recent article in the Las Vegas Review-Journal lamented the economic decline in the state according to a report by the Rockefeller Institute of Government in NY. The Rockefeller report cited a growth index released by the Philadelphia Fed, but reset the index to a baseline of January 2007, singling out Nevada as the worst performing state in the nation over that period. read more »
After several days in New York, I encountered serious climate change in terms of atmosphere at a USA-Canada Summit in Grand Forks, ND. Sure people were concerned about the market meltdown, but the talk was all of new plans for expanding the economy across both sides of the border. The distressed martinis of Manhattan nights were gone in a place where drinks also came with good cheer. read more »
Anyone in New York recently can see that the swagger is now gone. With the economy losing its primary engine - a relative handful of financial hotshots- the whole plutonomic system seems to be under major stress. The state and city budgets also seem to be heading south in a big way. read more »
S&P released the July Case-Shiller Index today. Check out our line chart to follow the trend in each market. read more »
The late Jesse Unruh, longtime speaker of the California Assembly, was a giant of a man, both in accomplishment and girth. But he will be forever remembered for having said that “Money is the mother’s milk of politics”. read more »
You don’t have to believe Sarah Palin is qualified to be vice-President, much less President - I certainly don’t - to understand that her nomination has unsettled many people in our big metropolitan centers. The very idea that a former Alaskan small town Mayor being selected for such high office has elicited an outpouring of scorn towards micropolitan and small town America. read more »