the economy

In case nobody has noticed, things are getting tight here in America. Just read about Benake's testimony this morning. Being an armchair economist (almost majored in it), and unemployed, and suffering many unexpected expenditures lately, I am taking special notice. In this american life of mine, I have never seen such drastic increase in the cost of damn near everything. Bernake, rightly, stated that demand for oil, in particular, has simply exceeded supply. Its not futures speculators. Petrol (gas to us amurcans) has always been, in comparison to other nations, cheaper here, in spite of the private industry (non-nationalized) that has certainly thrived here. In is interesting (or expected) he did not include the wars of attrition the US is fighting on two fronts that are draining the coffers, as other economists have. Then the icing on the cake this weekend: Fannie mae and Freddie Mac are in the red. Normally this is was a desired thing for the elite bank owners, who like in the '80's fiasco, over-wrote houses etc. (some apparently non-existent), only to get bailed out by the fed. govt., with whom they had a very cozy 'business' relationship under Reagan.

I have read all manner of comments from around the world about America's role in the world economy. The most bizarre perhaps (on Al Jazzera), one man who stated that America is staging is own economic downturn for the purpose of....hurting other nations. That is certainly ingenious. 'I'm gonna burn down my house to piss of my neighbor' logic.

What is good is that China, in particular, has a vested interest in the American economy; after all who is going to buy all that cheap crap that produce? Russia is relishing, Chavez is blissful (calling for $300 a barrel if Congress pisses him off), and Bush is still oblivious (he did blame the democrats today, another brilliant assessment, almost as good as the Al Jazzera dude).

On a personal note I have been sick for what seems like several days. My fever peaked out, I hope, yesterday.