Lucid Links (050609, Morning)
Noteworthy Net-Worthies:
Last Friday, the National Review’s Andrew McCarthy publicly let it be known that he wouldn’t let himself get used as window-dressing by Eric Holder’s Task Force on Detention Policy. That decision looks even smarter today, in light of the fact that the ever-benevolent Obama administration “only” wants to go after the law licenses of the lawyers who “played key roles in crafting the legal justification for techniques critics call torture” by referring complaints to their state bar associations. No one has yet addressed how they can be torture if we subject our own servicemen to many of the same techniques as part of their training.
Michael Barone, in a read-the-whole-thing column (HT Instapundit), on who is credible in the Chrysler bankruptcy battle, and more — “Lauria is a reputable lawyer and a contributor to Democratic candidates. He has no motive to lie. The White House does. …. The White House, presumably car czar Steven Rattner and deputy Ron Bloom, is seeking to transfer the property of one group of people to another group that is politically favored. In the process, it is setting aside basic property rights in favor of rewarding the United Auto Workers for the support the union has given the Democratic Party. The only possible limit on the White House’s power is the bankruptcy judge, who might not go along.” That’s not looking good.
The New York Times “forgets” (HT PJ Gladnick at NewsBusters) that very unpopular New Orleans Mayor Ray Nagin is a Democrat.
Historical revisionism refuted — Bill Whittle at PJTV rips Jon Stewart’s claim that Harry Truman was a war criminal for dropping the atomic bombs on Japan to shreds, and incinerates the shreds (Update, May 21 — The print version is here). Yes, Stewart has apologized for the claim, but IMO he did it to save his career, not because he has any legitimate remorse.
Anyone else catch the wicked irony in the name of Chrysler’s corporate savior?
I hope the publicity for these funds/firms gets them more clients. They obviously do the right thing by them, and take their fiduciary duties seriously.
Comment by Cornfed — May 6, 2009 @ 7:01 pm
Trouble is still brewing with the economy, consumption has fallen again against last year and the previous.
5/1/09 – 8,923,000 gallons/day versus
5/2/08 – 9,311,000 gallons/day
Change – (-388,000) gallons/day
4.2% drop in YOY consumption
http://tonto.eia.doe.gov/oog/info/twip/twip_gasoline.html#demand
Nationally prices went up to 2.078/gal from 2.049 the previous week. But when you compare this to last year at this time of $3.613/gal which was when gas prices were accelerating upward to $4/gal, it shows the economy has become hypersensitive to even small price fluctuations.
Very bad sign here folks, very bad. Since fuel consumption is proportional to economic activity, any further erosion against last year’s decelerating consumption (2007-08) in the face of the normal uptick in summer consumption means a significant drop in relative economic activity!!!!
My prediction for the next 4 months based on this trend: As gasoline prices increase in response to the uptick in summer fuel consumption and that uptick will be significantly less than normal, employers not being able to pass on fuel price increases will lay more people off and due to the less than normal uptick not hire extra help for the summer season. The latter will be similar to the dearth of seasonal hires last year in the run up to Christmas. Given the demographics of May and June, as I have mentioned a number of times before, unemployment will shoot up to 11% Based on the hypersensitive supply demand responses I’m predicting no more than a 20 cent per gallon increase for the summer driving season.
Note that the 2007-08 dashed line was already lower than the previous year trend of 2006-07.
Comment by dscott — May 7, 2009 @ 10:59 am
#1, the 5/1 drop from 4/24 of a shade over 2% is the biggest jump-out.
Unless someone has an explanation, that’s a sign that econ activity is really, uh, tanking. There’s nothing to stimulate activity, and a zillion reasons to stay on the sidelines and not take any chances.
Comment by TBlumer — May 7, 2009 @ 11:11 am