Dateline: Terry, Montana – If Elvis was alive today he would have been on his knees looking forlorn at his adoring audience while singing one of his signature songs making you feel even bluer after all that is been happening in the world today.
Unemployment is skyrocketing, our economy is the dumps and un- seemingly large handouts are being doled out by our government to those same entities and people, who were the cause of all our problems. So maybe it’s time to bring the curtain down as have Elvis sings: “Are your lonesome tonight?”
As predicted and with assistance from Bette Davis, it’s has been a rocky night! After we all went to bed last night crude oil future went up $3 past the $52 a barrel mark. Increases for gasoline and diesel prices followed right on their heels with an almost 10 cents per gallon bump up this morning.
The oil markets are taking their lead from signs that world oil supplies are tighter because of OPEC and non-OPEC crude production cuts along with some indication that U.S. gasoline demand may be stabilizing. A recent Energy Information Agency report showed demand for gasoline up 2.2 per cent for the first two months of 2009 over the same time last year.
A weaker dollar and aggressive action from the Federal Reserve are also behind this morning’s rally. Equity markets are taking heart that the recent rallies may actually be holding this time. The big news was the Fed announcements yesterday of a $300 billion qualitative easing package to buy up 2-10 year treasury bonds, in a bid to ease credit liquidity and kick start the economy. The markets were not expecting this move but gave its support by showing their money.
There is also word going around in the hallowed halls of power in Washington and New York that Timothy Geithner, the US Treasury Secretary, will be made the scapegoat in the Obama administration and take the blame for the current AIG mess. The joke going around is that AIG is the acronym for Arrogance, Incompetence and Greed.
His resignation is widely anticipated as he will not want to embarrass President Barack Obama even more. Outraged Republicans were very vocal in their opposition to Timothy Geithner’s appointment right from the beginning. That came after his tax problems were revealed only after he had already been nominated for President Obama’s economic team’s cabinet position.
Between Bernie Madoff, Allen Stanford and a cast of thousands you will soon be able to see a High School Musical type revival of “Jailhouse Rock” presented at the Federal Correctional Facility nearest you.