As early as the last quarter last year, while traders speculate, the US is actually slipping into recession. Obvious indication of which is the devaluation of real estates properties, diminishing GDP compared to 2006 performance, surge in the unemployment rates, and the continued rise of petrol prices.
My worry then is that if Bush will not take a decisive act to aver the impending economic catastrophe, and shift his right foot's weight from Anti-Terrorist War into an Anti-Recession War, the recession will take the world flatfooted. But he acted too late. We cannot blame the Clintons if they are campaigning with a banner highlighting the Clinton Economic Legacy; for by comparison Bush seems to be an epic failure in that arena.
My other worry is that, my home country's government while riddled with controversies and scandals, is still boasting of a stable economy and prided itself that it is more prepared to face the US recession than its ASEAN counterparts. Sannnamagan! They could not even assure the steady supply of rice! Or, as I said in my previous post, they were simply hiding or evading the real issues.
While checking my dollar account with UnionBank, here's what I read instead on their website:
I should be happy with the devaluation of the peso, right? Why? Because I get more for my hard earned dollars. Frankly, am not!
Petrol prices are seen to increase by 0.50 php this weekend. I am opting to take the jeepney for my client calls.
My worry then is that if Bush will not take a decisive act to aver the impending economic catastrophe, and shift his right foot's weight from Anti-Terrorist War into an Anti-Recession War, the recession will take the world flatfooted. But he acted too late. We cannot blame the Clintons if they are campaigning with a banner highlighting the Clinton Economic Legacy; for by comparison Bush seems to be an epic failure in that arena.
My other worry is that, my home country's government while riddled with controversies and scandals, is still boasting of a stable economy and prided itself that it is more prepared to face the US recession than its ASEAN counterparts. Sannnamagan! They could not even assure the steady supply of rice! Or, as I said in my previous post, they were simply hiding or evading the real issues.
While checking my dollar account with UnionBank, here's what I read instead on their website:
The peso continued to weaken against the greenback after the BSP opted to maintain rates yesterday and receding expectation of another Federal Reserve interest rate cut next week. The local unit finally broke the Php42-figure resistance as it established a new YTD low (peso) at Php42.100. It opened at the day's high (peso) at Php41.980 and closed at Php42.040. Volume of dollars traded went up to $937.70mn compared from the previous volume of $324.50mn.Goodness! Is this what the government calls a vibrant economy? Poor Juan delaCruz. He is clamoring now for another wage hike thinking that this would alleviate his suffering. Ahh! When will we learn?
I should be happy with the devaluation of the peso, right? Why? Because I get more for my hard earned dollars. Frankly, am not!
Petrol prices are seen to increase by 0.50 php this weekend. I am opting to take the jeepney for my client calls.
Subscribe by Email
2 comments:
I read yesterday, that from the Western perspective, we have three things to fear in the coming economic crisis, no matter who wins our Presidential election.
First, we are going to be slammed by high energy costs, most specifically, the cost of gas and fuel oil.
Second, is a rapidly spiraling cost of food, both raw and processed, mostly a result of the high cost fertilizers and transportation, again pushed up by the cost of fuel.
Third, is a big jump in housing costs caused mostly by the mortgage default crisis. This is affecting not only those who owned their own residence, but renters leasing from landlords who purchased property with escalating flexible mortgages and who are pushed themselves by higher fuel and food costs.It is kind of scary. Steve Kirk
Making Perfect Sense
I thought that these three are being felt now even as the election draws near.
People have reasons to be scared. Unless Bush make any last ditch economic reforms that can mitigate these things, we are to brace ourselves for the worse. Ahh. I hate being pessimistic about these things.
Anyways, thanks for sharing your thoughts Steve.
Post a Comment