» Posted by Martin Weil on June 30, 2008

Ben Stein, in rare form, writing in the NY Times, says "balance the Federal budget."

The world price of oil is denominated in dollars. The dollar is weak for many reasons, but a big one is the immense budget deficits run by our government. If President Bush and Senators John McCain and Barack Obama were to stand together in front of a camera and solemnly swear that they would balance the budget in four years, even if it required tax increases on people earning millions, the dollar would rise against the euro, and oil would fall in dollars.

Ben is not optimistic on this point. But he offers this hopeful note:

But we will get through it, just as we get through everything else, one adaptive, smart American at a time.

» Posted by Martin Weil on June 26, 2008

Barron's writes in their EconoDay

Consumer confidence is unusually low...But there is an expansion still underway and this is not a time of war, which makes the results difficult to figure.

Huh? Tip from The Big Picture.

» Posted by Martin Weil on June 20, 2008

or "How to save money on gas?

From Fueleconomy.gov

"While each vehicle reaches its optimal fuel economy at a different speed (or range of speeds), gas mileage usually decreases rapidly at speeds above 60 mph. You can assume that each 5 mph you drive over 60 mph is like paying an additional $0.30 per gallon for gas."

» Posted by Martin Weil on June 20, 2008

Chart courtesy Calculated Risk

» Posted by Martin Weil on June 17, 2008

The last time US consumers were this pessimistic, Jimmy Carter was in the White House, gas prices had broken through the $1 per gallon barrier - equivalent to today's $4 per barrel - and the Fed Funds rate was in the process of rising from 5% to a record high 19%.

Chart from Haver Analytics, link The Big Picture