Oil to Go to $200 per Barrel?

The a--holes at Blogger lost my blog AGAIN! Google better work on Blogger instead of worrying about more technologies like Android! Can you imagine when you lose your conversation like I lose my blog entries! I will most likely be switching to WordPress very soon!

Yes, Goldman Sachs has reported that oil could hit $150-200 per barrel in the next year or so. That confirms what my friend Gary Vesperman said to me that I reported in another entry that there is suppose to be a May delivery of $150 per barrel. Yesterday it flirted with a $124 per barrel which is only $26 short of $150 and we are still in early May!

New York Times reported that Vallejo, California has bit the dust and declared BANKRUPTCY because of a $16,000,000 shortfall.

“We finally realized there are no other options,” Councilwoman Joanne Schivley, a retired banker, said. “We were going to run out of cash come the end of June. It’s not a decision that any of us took pleasure in, but there are a lot of other cities that are probably be in the same boat shortly.”

“At one point, bankruptcy seemed beyond the pale, but it’s something that one hears about a lot more now,” said John Quigley, a professor of economics at University of California, Berkeley. “And in California, you hear about a lot of cities being pushed to this sort of thinking by the housing crisis.”

So what is the mood of the people at Vallejo, which is the largest city to declare bankruptcy in California? “I’m sad to see it go this way,” Debbie Rojas, owner of the Georgia Street Grill, said. “But I’m kind of excited for bankruptcy.”

“This morning, going around town, it’s weird, because everyone’s saying congratulations,” Councilwoman Stephanie Gomes said. “Its kind of odd to say, but the mood among people is that we’re finally going to solve the problems.”

So who winds up paying for these bankruptcies? YOU and I! This is the beginning of another phase of the Domino Theory as city after city declares bankruptcy and we get closer to DEPRESSION!

MORON Bush, WRONG AGAIN!

MediaPost is reporting this morning in an article that Discover Financial Services is reporting in their U.S. Spending Monitor Survey, nearly two-thirds (62%) of American consumers expecting to get a refund or stimulus check expect to spend the money on household expenses or debt repayment. In addition, 18% said they would put the money in savings or investment, while only 20% said they would use the money for discretionary purchases.

Meanwhile, 38% of consumers said they are spending more on household expenditures like gas and groceries. And 56% said they expect to spend more on household expenses in the next month. As a result, 51% said they would continue to CUT BACK on discretionary purchases, while 46% said they would cut back on home improvements or major purchases like a vacation.

Yeah, BIG stimulus, MORON Bush!

Hugh Simpson