The housing bubble created a few trillions of artificial wealth, and it must be destroyed one way or the other (either through depreciation of assets or depreciation of dollar). I also always said - "housing prices will crash with respect to Gold". Considering Gold has gone up from $275 to $632 today, we know housing prices have fallen with respect to Gold. With total Government debt at $8.4 trillion (soon to be $10 trillion), I have not an iota of doubt that the dollar will become a secondary currency over the next decade. Fiscal irresponsibility at all levels of our government and private lives is catching up to us, and there is no way out. Good luck.
DALLAS -- A $69.7 million compensation package and $98 million pension payout to Exxon Mobil Corp.'s former chief executive and chairman Lee R. Raymond has some shareholders and economists asking, "how much is enough?" "Some folks will ask the question, 'Is this more evidence of big oil taking an enormous windfall and retaining all the riches?'" said Mel Fugate, assistant professor for Southern Methodist University's Cox School of Business. The Irving company has drawn criticism from politicians and economists for becoming the most profitable company in history _ at consumers' expense, they say. Exxon benefited from high oil and natural gas prices and solid demand for refined products en route to earning $36 billion last year. The company has defended its profits, saying that other industries have larger profit margins but oil companies' bottom lines stand out because they operate on a much larger scale. Wait until 1st quarter earnings are reported and better yet I can't wait to see 3rd quarter earnings from these greedy bastards. The reasons I heard for the price of oil skyrocketing just in time for the summer driving season were the monumental "international tensions are a concern" and the time-tested "2 or 3 refineries still aren't on-line because of Katrina". What a complete load of ********!!!
:!: In the 12 years he was CEO, Exxon stock rose over 500%, after it had been sitting there stuck on idle for years. He deserves something big...
So someone who works his way up the corporate ladder and actually performs at his job is worth even more than an NBA center. Just how warped are we?
Two days since my last post and 87 octane at the Jersey Shore is up another 10 cents to $2.89.9 !! :twisted:
Couldn't believe it. Last night, on my way home from a school board meeting in Portage, IN, near Lake Michigan, I passed a gas station in Warsaw, IN selling gas at $2.67/gal, while everywhere else it was in the mid to high $2.80s. I only needed 9 gallons, but I filled up just 'cause.
We bought regular unleaded for $2.599 two nights ago in Austin. It's a small step in the right direction.
I remember those spots. Cindy and I found gas at over $2.00 per gallon back in 1994. That was double the going rate at that time. The next time through, we made sure to fill up before the 50 miles between stations.
$3.01 for 87 octane at the Jersey Shore. This is Week 2 of tourist season here.... we get an additional 500,000 folks every weekend. You would think we'd be higher... especially since we don't have self serve here. Go figure.