January 21, 2008

It's the Economy

I was completely stunned when Natasha invited me to contribute to Pacific Views. I have been a fan of this web log from the very first week that I discovered the world of blogs. So I will occasionally be contributing here. Unfortunately, most of the time I will discuss things that disturb me -- and even more unfortunately, the world is likely to give me plenty of material.

Like any person who is paying attention, the state of the economy is something I have been tracking. I bailed out of the stock market and closed my 401(k) at the end of 2007. Since that time I have been watching the roller coaster take a huge plunge. The market has been doing its thousand-point bounces for several years, dancing from 12,900 to 13,900 then plunging back down. During most of this bouncing I gritted my teeth and left some investments in place. At the end of this year, I became so edgy that I finally pulled out -- just in time.

It disturbs me greatly that those people running for office are almost silent about the economic mess that the President will face in 2008. Remember Bill Clinton's mantra -- "It's the economy, stupid!" Whoever is elected should have that tattooed in some tender place.

One web site I respect greatly is James Howard Kunstler's Clusterfuck Nation. Kunstler pulls no punches when discussing the disaster area of finance and the coming crunch that is going to hit as the cost of oil spirals out of our reach. Some days I am not sure whether his oil discussion means that oil will be out of our national reach because of our disastrous economic errors, or whether it will be out of individual reach because of our gas-guzzling monsters. Either way, we are headed for a reckoning, and he keeps an eye on the likely futures.

--Scorpio

Posted by Scorpio at January 21, 2008 12:09 PM | Economy | Technorati links |
Comments

market data according to bloomberg

Posted by: ccoaler at January 21, 2008 09:33 PM

Welcome Scorpio! I am so glad you will be joining us on this blog. Your insight and enlightening point of view is a great addition.

Posted by: Mary at January 21, 2008 11:20 PM

Welcome, indeed!

And I'll try to get that thing fixed so your name shows up automatically. That sure never happened before.

Posted by: natasha at January 21, 2008 11:37 PM

Thank you! I am really glad to be here. You have always had valuable things to say, and I feel like I'm in company that I will have to work to match.

Just as I was muttering about candidates ignoring the economy, the NY Times did a long article on Hillary Clinton's views, which was excellent:

http://www.nytimes.com/2008/01/21/us/politics/21clinton.html?_r=1&hp

Log in username Pacific00 password Views to read up.

Posted by: Scorpio at January 22, 2008 02:40 PM

I have the perfect economic stimulus package in mind:

IMPEACH Bush and Cheney NOW!!!

Not only would this provide a major boost to the U.S. economy, but to economies worldwide. Confidence would soar. Birds would begin singing again. Rainbows would brighten up world markets.

Hey, we should at least give it a try.

Posted by: The Oracle at January 23, 2008 12:07 AM