It is getting so I’m apprehensive about turning the TV on anymore. I can’t help but question what financial institution or major company has gone belly up while I was sleeping. Troubles that have had to have been brewing for YEARS are now surfacing at an alarming rate.
I find it difficult to swallow that “the powers that be” didn’t have a clue this was going on or that the big wigs in charge of these companies were receiving extraordinary salaries and perks. WHERE THE HELL WERE THESE LEADERS, THE WATCH-DOGS, WHATEVER YOU WANT TO CALL THEM??? This did NOT happen over night!
We’re assured that we do not have to stock up on canned goods and powdered milk products (but even the powdered milk is in crisis with babies dying and being made ill). These bailouts will stave off that necessity. (My Grandma Cora, rest her soul, lived through the depression and she kept her shelves STOCKED to the hilt all of the time)
I’m not as astute in economics as most people, but I wonder if this AIG thing could cause world wide ripples in everyone’s economy and the AIG company has companies all over the world, WHY is it just the U.S. bailing them out? It apparently affects the WORLD economy; not just OURS.
And it seems to me that this all started back on 9/11. It has gone down hill since. The terrorists are just sitting back and watching the U.S. fall in on itself. Heck, they don’t have to do anything further to us; we’re taking care of that on our own!
There is so much on the FOX news now about the economic crisis that we’re not hearing much at all about what is going on after Hurricane Ike. I did however find a news story that I will copy a portion of for you in regards to the refineries.
“There doesn't appear to be a great deal of damage to transmission towers in the refining areas," Bruce Bullock, director of the Maguire Energy Institute at Southern Methodist University in Dallas, told Bloomberg News. "You'll see the refineries roll online on one by one over the next three weeks."
Exxon's Baytown refinery, the largest single refinery in the U.S., said it has power and that damage appears to be "limited."
Valero Energy Corp., the largest refining company in North America, said power has been restored to most processing units at its Houston refinery, but no units were running as of Monday.
"We still need nitrogen, hydrogen, we have to pump water out of some areas," said Bill Day, a Valero spokesman. "There's a lot of issues we have to get through besides just power."
Other refineries along the coast reported various stages of recovery. Shell, for example, reported that it had no electricity at its Port Arthur plant but had "varying levels" of services at its Deer Park refinery. Marathon said it expected water to return to its Texas City refinery by the end of Monday, said spokesman Robert Calmus. He didn't know when electricity would be restored.
Andy Lipow, president of Houston-based Lipow Oil Associates LLC, said it could take 10 to 14 days for most of the refineries in the Houston and Texas City areas to be operational.
"Power and people are the major stumbling blocks for refineries to return," he said.
SO MAYBE THERE IS SOME GOOD NEWS???
Our New Normal
4 weeks ago