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Wednesday, January 28, 2009

Snow, Snow, Snow

More shoveling. Ice. More grumbling.

I think CA is making its problems worse by halting tax refunds. Everyone's going to cut down on their withholding to avoid the problem, so cash flow is going to get worse!

US crude inventories: Compared to a year ago, crude oil stocks are up 15.5%, gasoline stocks are down 3.3% (which is less than the drop in demand), and distillate (diesel and heating oil) stocks are up 10.1%. Total of all products ex SPR is up 6.7% from a year ago. Oil prices keep trending up and then dropping when the inventories are released.

An interesting article about one take on the world economic situation:
The Institute of International Finance, the global organisation of major banks, predicted an almost unprecedented collapse in world economic growth and capital flows.

It became the first major global institution to forecast a full-scale global contraction in 2009, predicting that the economy would shrink by 1.1pc.
More of their predictions:
Another grumble about the stimulus bill from WSJ. I don't agree with some of this, but I do agree that sinking money into things that have a negative return is not likely to help our economy. A huge chunk of the Medicaid will be used to shore up state budgets (for example, CA is set to get a lot of that). The theory behind it is that this will keep the states from cutting elsewhere.

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