Three articles in today’s WSJ:
Maersk cargo lines is canceling new boat orders, laying off staff and cutting number of trips as world shipping (commerce) declines.
Toyota cuts sales estimates
Bank of Britain again delays interest rate hike because of “gloomy global conditions”.
Filed under Uncategorized
Bank of Britain?? What is that? Bank of ENGLAND, good buddy!!
They recently expanded banking operations into Ireland
We have seen similar pull backs before – 2011 comes to mind. At this moment is seems the US is not the leading edge of the swoon, particularly US consumers, who seem to be going about their usual pace of consumption. So is the China slump a harbinger or herring? Time will tell. I think we have another 2 to 3 years in the current business cycle myself.
Yeah, it looks like the Obama economic boom could be winding down. If we just raise everyone’s taxes and invest it all in electric cars we should be fine.
In CT the opera was over in 2007 and a command performance has yet to be found.
Maersk downsizing has to be taken in the context that they had organized & invested in themselves (jobs and ships) some years back to handle massive growth and capacity, which we’ve experienced the past 4-5 years. Don’t forget, Buffett bought a mighty big railroad awhile back thinking the same thing. Both firms invested wisely and reaped the rewards. Now it’s time to scale back the fixed costs as that massive capacity starts to look underutilized.
Exactly and this is more about the drop in Chinese demand for commodities than worldwide demand for consumer goods
I am hyper nervous on whether or not to pull everything out of market and sit on cash for awhile. Did that in late ’06 as things started going seriously sideways, and it was the best financial decision I ever made (having re-invested in things that just got hammered due to contagion). There’s a lot of smart folks on this forum and I always appreciate hearing market color/opinion in this regard.
Amazon delivery drones got them spooked?
Rep. Brad Sherman (Harvard Law Grad) to Janet Yellen on Interest Rates: ‘God’s Plan Is That Things Rise in the Spring’
Rep. Brad Sherman (D., Calif.) brought up another argument, one that Ms. Yellen may not have confronted: God does not want to see rates rise in the fall—or winter.
“God’s plan is not for things to rise in autumn. As a matter of fact, that’s why we call it fall,” Mr. Sherman said during a House Financial Services Committee hearing with Ms. Yellen.
“Nor is it God’s plan for things to rise in the winter, through the snow,” he continued, forgetting, perhaps, that the Christmas rose and winter jasmine do quite well, snow notwithstanding.
Mr. Sherman then sought to bring Ms. Yellen closer to the divine.
“God’s plan is that things rise in the spring, and so if you want to be good with the Almighty, you might want to delay until May,” he said.
Heh, the Chance [the] Gardner economic theory at work.
Good read. City Journal
The spigot is wide open. When the Obama bucks stop flowing, then you worry.
Is Captain Phillips getting laid off?
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