Sunday, August 03, 2003

The F-18's just buzzed the condo, I can smell the jet fuel on the breeze. Now to Lake Washington. The 45 minute show and now back to Boeing Field and another buzz of the City. Awesome!!! 12:43:52 PM    comment [] trackback []

The Blue Angles "Fat"Albert", C-130, is flying circles over the city right now. Every 2 minutes it buzzes the conco. The Blue Angles are about to lift off. The Brickyard 400 has just started. 11:55:27 AM    comment [] trackback []

Even if the yield on the 10-year treasury note rises to 6 percent, pushing 30-year mortgage rates to 8 percent (a nearly 67% raise from June's lows), the impact would cut into GDP growth by less than 1 percent, calculates Sohne an economist at Wells Fargo. And that should be enough to offset President Bush’s tax-cut package, which will pour $210 billion into the economy by the end of next year (which is about 50% of the amount that the states will cut their budgets). First of all, $210 billion is not a lot of money in today's economy or so the Bush administration says "It's just an itty-bitty amount". It's not even near the number of value of housing starts in one month, its a few major transportation projects. It's out of context as is Mr. Sohne’s reasoning. In just one month refinancing of homes has dropped 30% on a 20% increase in interest rates. This is just the start of interest rates going up to record levels. As I have said before, the mountain of debt going for non-constructive purposes (war) will create a landslide of economic misery that will take 25 years to dig out from under. It's a perfect storm of economic disaster when one considers the unemployment rate of high income workers. You can bet on high interest rates and inflation in the near future. 8:47:34 AM    comment [] trackback []