It won’t be long until that old canard, supply and demand, will be back to justify the run-up in oil prices.
When it returns, remember this story today from Bloomberg.
While I have little doubt that oil supplies are dwindling, we’re not down to the last drop from the spigot, as some of the people profiting handsomely from the oil futures market would like you to think.
Those who know me best know I am rarely speechless.
However, this little gem on Politico about the apparent violent death of professional standards at the Washington Post is absolutely astounding.
Wow.
That’s all I can say.
Wow.
What are your thoughts?
UPDATE: It appears from this link that the Post newsroom was as astonished by this announcement as the rest of us.
UPDATE, PART DEUX: This bright idea is now dead, according to Politico.
All’s well that ends well.
WICHITA — The nation lost 467,000 jobs in June, according to the numbers released today. That’s an astounding number, but less than earlier this year. It pushed the unemployment rate up from 9.4 in May to 9.5 percent. That, clearly, is a slowing in the rate and appears to be confirm that the rate is close to peaking in the next few months near 10 percent.
I was feeling comforted by this, until I read something from the Economic Policy Institute, a liberal economic thinktank.
The entire growth in jobs over the last nine years has now been wiped out – the economy currently has fewer jobs than it had in May 2000. The labor force, however, has grown by 12.5 million workers since then. “This is the only recession since the Great Depression to wipe out all jobs growth from the previous business cycle, a devastating benchmark for the workers of this country and a testament to both the enormity of the current crisis and to the extreme weakness of jobs growth from 2000-2007,” said EPI economist Heidi Shierholz.
First it was construction, then financial, then manufacturing, then services and retail. Now its government and non-profit workers who depend on taxes and gifts from the other sectors that are seeing rising layoffs. These are the teachers, police and social workers who pick up the pieces when the rest of society goes blooey.
The good news is that overall, forecasters are starting to agree that layoffs are slowing down and we are getting close to the bottom on employment. The bad news is it could be a while before companies start hiring again. From John Challenger, CEO of outplacement firm Challenger, Gray & Christmas.
“It could be several more months before we see hiring make a comeback, but it appears that many employers have reached the staffing levels they need to make it through the recession.”
WICHITA - Wild stories are flying through the local real estate community about Plaza’s decision Friday to affiliate with Coldwell Banker after Stucky & Associates owner Frank Stucky said he dropped the flag, unable to pay its franchise fees.
There are enough of them, frankly, that we’re checking into them.
But I want to give you a little personal philosophy here: Stucky and Plaza president John McKenzie have never been anything less than truthful with me. I’ve known Stucky professionally for 20 years, and his credibility with me is top-notch. McKenzie has also been truthful with me, even at times when it wasn’t in his best business interests to do so.
The message is this: We hear the rumors and we’re listening. But as of today, I don’t expect that the REAL story is anything different than what you’ve read.
Scott Davies, owner of Saturn of Wichita, was one of three Saturn dealers featured by the Wall Street Journal in a story today.
A big part of the story is about dealers who are playing up Roger Penske’s plan to buy the brand, and General Motors gentle admonition to them not to so as to not take “the spotlight off the brand itself,” the article says.
WICHITA — An auspicious record was set on Friday.
On that day, state and federal regulators closed five banks: two in California, two in Georgia and one in Minnesota.
Up until then, the most banks regulators had closed on any one Friday was four, on April 24.
To date, 45 banks have failed in 2009. That includes First National Bank of Anthony, which was closed by the Comptroller of the Currency June 19. Its deposits and branches were assumed by SNB Bank of Kansas.
Since the banking crisis began in 2008, 70 banks have failed.
During my recently concluded vacation, the faithful Honda and I ventured deep into southwest Kansas.
It’s hard not to notice two major ethanol plants along the way - one just northeast of Pratt, the other near Liberal. About $300 million, I’d guess, in the latest alternative fuels technology.
And not a solitary thing going on at Pratt, where a motionless cache of tanker cars stands guard. The only thing missing was buzzards.
The Liberal plant’s operational, and it’s got that trademark weird smell that reminds me a little bit of roast beef.
Where do you think the ethanol industry is headed? Is it a viable alternative fuel? Or are the steep start up costs and oil’s volatility a recipe for bankruptcy?
Wednesday was the eighth day on the job for Kirk Schulz as Kansas State University’s new president.
How time flies when you’re busy dealing with the controversy over the contract of ex-KSU football coach Ron Prince and an audit released last week by the Kansas Board of Regents that revealed financial irregularities at K-State.
Schulz spent part of Wednesday speaking at the luncheon meeting of the Agri-Business Council of Wichita at the Hilton Wichita Airport.
“I hope my second week is nothing like my first week,” he said. “I’ve talked more to the media in the last 10 days than I have total in my first four years.”
So we have this intern for the summer. Her name is Jessie Gorges. She just got back from lunch and was asked where she went.
“Maybe eating donuts for lunch wasn’t the best idea,” was her reply.
Don’t misunderstand. It’s not that she didn’t like what she had at the Donut Whole. She did. It’s just that, well, you know, donuts for lunch? Like I said, she’s an intern.
Anyway, the conversation quickly turned to where the best donuts are. I am a fan of Lamar’s. So is Carrie Rengers. Jerry Siebenmark swears by Krispy Kreme.
What about you? When it’s your turn to pick up donuts for the office, where do you stop?
Chances are if you’re reading this blog, you also spend time on Twitter or Facebook or some other social networking site. I got a press release from “business relationship and marketing expert” Drew Gerber, CEO of PitchRate.com, pointing out some common pitfalls people make in social networking.
I thought he made some good points, so I’m going to share:
1. Don’t be stingy. Be interested in what others are up to and share. Many people forget to share and only promote themselves. Take an interest in the person behind the code.
2. Share your toys. For every one tip you get; provide 12. Don’t worry, there’s more from where that came from. What goes around comes around.
3. Remember the Golden Rule. It’s easy to talk badly about someone online, but avoid it. Be kind and treat the person the same way as you would if they were in front of you.
4. Let everyone play. Often online can turn into a high school clique situation; the people who are most successful are those who are inclusive vs. exclusive.
5. Don’t take yourself too seriously. Lighten up. People gravitate toward humor.
6. Try something new. Everyone is bored of hearing/reading the same thing over and over again.
7. The biggest pitfall, Drew might add, is saying you are very busy in a business relationship and then you post nonsense time-wasters like “do you know me quizzes” or guess my favorite movie.
As sometimes happens here at Business Casual Central, a conversation got a little sidetracked. I’m not sure where it started, but it ended with me asking whatever happened to E.F. Hutton (apparently the company’s remains are now part of Citigroup).
Anyway, in my hunt to find out what happened to the company, I ran across this. Enjoy.