Daily Archive: Thursday, February 21, 2008

More on ‘now vs the 70’s’

Comments people emailed me and my responses: Bob Hart wrote: http://www.wtrg.com/prices.htm This graph supports your statement below: Prices fell from a high of maybe $40 per barrel to the $10-15 range for the next two decades Thanks! “So, there is nothing the US can do to keep core inflation in check? Only ...Read More

Now versus the 1970s

Looks very much like the 1970’s to me. Yes, the labor situation was different then – strong unions due to strong businesses with imperfect competition, umbrella pricing power and the like. But it was my take then that inflation was due to energy prices, and not wage pressures. Inflation went up with ...Read More

2008-02-21 US Economic Releases

Initial Jobless Claims (Feb 16) Survey 349K Actual 349K Prior 348K Revised 358K Down a bit but lost a day in California. Chart looks like it’s drifted to a bit higher levels. Still not recession type numbers yet, however. Continuing Claims (Feb 9) Survey 2760K Actual 2784 Prior 2761K Revised 2736 Also ...Read More

Bloomberg: Trichet may not cut rates in 2008

Trichet May Not Cut Rates in 2008, Say Merrill, ABN by Simon Kennedy (SNIP) (Bloomberg)Erik Nielsen, Goldman Sachs’s chief European economist, disagrees. He said the ECB’s primary mandate is to preserve price stability, so it has no room to follow the Federal Reserve and the Bank of England, even as economic growth ...Read More