09
Jun
11

BERNANKE SPEAKS, DIMON QUESTIONS, WEINER WOES, OIL DISCOVERIES

ONE NATION, OVERDRAWN…

THE BERNANKE WORD CLOUD

Bernanke spoke on the economy and economists listened.  Jamie Dimon, CEO of JP Morgan and the most powerful, well-respected banker in the world, showed up and confronted him during the Q&A, definitely the most interesting part of a boring economic speech!  Dimon has made no secret of his concerns over idiot politicians generating too many regulations with little to no thought as to the consequences.  His concerns are the same ones that I have mentioned here before – unintended consequences being chief among them. There are issues that will make our banks less competitive with foreign banks, even though they do business here as well.  There are issues that will make it harder for the economy to recover because, love them or hate them, banks are at the core of any recovery. 

He asked Bernanke if anyone had done ANY analysis of what the overall effects of all these sometimes overlapping and nonsensical rules and regulations might be.  It was noted by everyone that Bernanke did not have an answer to that, which was the intent of Dimon’s question.  For those of you who don’t follow this sort of thing, it is unheard of for anyone to have the balls to confront the Fed Head in public.  It is a sign of Dimon’s frustration and other, more cowardly, bankers were definitely applauding him for having the nerve to do it.  

Exxon announced they have made a large oil discovery in the Gulf of Mexico, at about 7,000 ft. deep.  Last year, McMorAn announced a huge discovery about 20 ft. deep off of New Orleans.  Even without these, and contrary to what you hear nightly from idiot politicians, we are now producing more than 50% of our own oil supplies.  N Dakota has played a major part in those supplies while the Gulf was slowed to a trickle thanks to BP.  Now, the Gulf is on the move once again which will boost our capabilities even more.  If only supply were the issue, or had anything to do with the price, it would be lovely.  Unfortunately, we have had a glut of oil both here and overseas, so obviously MORE supply is NOT the issue but it’s nice to know it’s there.  Heard a lot of talk about a little company called Hornbeck (HOS) – about $25/share, big player in Gulf drilling and a fave with traders.

Most economic numbers over the last month or so have been weak, however that does not demonstrate a return to another economic crash.  You may remember the exact same talk was all the rage last summer, leading to a nice pullback followed by the market rising straight up once da boyz returned from the Hamptons at summer’s end.  This year, we are seeing the same pattern helped by the economic slowdown caused by 1) the Japanese earthquake, 2) tornadoes 3) floods, 4) wildfires, etc., etc.,…  We went straight up for too long, became overbought and it’s once again time for a correction so we can ‘reload’ so to speak… .

Anthony Weiner appeared at a press conference and admitted he was not set up.  Nope, he actually was THAT stupid – he did it all to himself.  And thus ends a once very promising career.  He hasn’t actually resigned yet but if it doesn’t happen soon, he may meet with an ‘unfortunate’ accident…. It reached a new level of sleaziness (which is not easy considering the previous contenders…) when it was announced that his wife of barely a year is pregnant.  To make matters even worse, she works for Hillary Clinton at the State Department.  To make matters even worse, Bill officiated at their wedding.  Oh, what a tangled web….

If you have been un- or under-employed for a while now and wondering if you shouldn’t be stepping out on your own and starting some sort of little company, be aware that there are MANY unethical folks just waiting to take what is left of your money.  On my sister website, http://thatsitforless.com/I-Have-a-Great-Idea%21.php  I have assembled links to all of the very best free information for business startups – yes, it is all out there for free so don’t be foolish and get tricked into paying for it.  Make sure you use the link to the SBA’s excellent tutorial on drawing up a business plan – it will help you figure out if your idea is actually viable.

I’ll let you know what I hear!

 

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1 Response to “BERNANKE SPEAKS, DIMON QUESTIONS, WEINER WOES, OIL DISCOVERIES”


  1. July 18, 2013 at 6:00 pm

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