Tag: Money

New York Sun reports: Food Rationing Confronts Breadbasket of the World

Could this be a sign of things to come?

The Article: Food Rationing Confronts Breadbasket of the World Via The New York Sun

Quote:

Many parts of America, long considered the breadbasket of the world, are now confronting a once unthinkable phenomenon: food rationing.

Major retailers in New York, in areas of New England, and on the West Coast are limiting purchases of flour, rice, and cooking oil as demand outstrips supply. There are also anecdotal reports that some consumers are hoarding grain stocks.

At a Costco Warehouse in Mountain View, Calif., yesterday, shoppers grew frustrated and occasionally uttered expletives as they searched in vain for the large sacks of rice they usually buy.

(Snip!)

The bustling store in the heart of Silicon Valley usually sells four or five varieties of rice to a clientele largely of Asian immigrants, but only about half a pallet of Indian-grown Basmati rice was left in stock. A 20-pound bag was selling for $15.99.

Spiking food prices have led to riots in recent weeks in Haiti, Indonesia, and several African nations. India recently banned export of all but the highest quality rice, and Vietnam blocked the signing of a new contract for foreign rice sales.

“I’m surprised the Bush administration hasn’t slapped export controls on wheat,” Mr. Rawles said. “The Asian countries are here buying every kind of wheat.”

(Snip!)

Mr. Rawles said it is hard to know how much of the shortages are due to lagging supply and how much is caused by consumers hedging against future price hikes or a total lack of product.

“There have been so many stories about worldwide shortages that it encourages people to stock up. What most people don’t realize is that supply chains have changed, so inventories are very short,” Mr. Rawles, a former Army intelligence officer, said. “Even if people increased their purchasing by 20%, all the store shelves would be wiped out.”

The Bush Administration, long putting other country over ours is now faced with this sort of a dilemma. What will be our Presidents response, if hurricane Katrina is any indication, we could be in for one of the worst food shortages ever.

I would advise everyone to stock on needed items, as it could get ugly before too long.

Others Bloggers covering this: Raw Story and Bob McCarty Writes

Cross-Posted @ The American Nationalist News Service

The Clinton Tax Return – Gate

Here is the video news story via the AP:

Memeorandum has the various Blog reactions and story on Hillary’s website.

The only thing I have to say about it is this. The Clinton’s were successful people, I do not have a problem with that, at all. They went to college, got law degrees and were successful at it.

Does that bother me? Of course not! Sorry, I am just not one of those kind of people, who hold grudges against people who are successful in life. There are Liberals and some Conservatives like that, I am not.

If it makes anyone feel better, Keith Olbermann, The Liberal’s talking head, has a 5 year contact with MSNBC for 5 million dollars. So, I really do not see all the fuss over the Clinton’s wealth is.

This is, where I believe, that John Edwards blew it, he went around talking about two Americas, all the while being wealthy himself. I never saw that in Hillary, she was successful, because she worked for it. I cannot fault her for that.

My take on it is this, anyone that has the ability to go out and get a good education and make something of themselves and is able to amass that kind of wealth, I say, God Bless them, and I wish them the best. I do not have a problem with anyone being successful, as long as it is done in a honest manner.

That is one of the issues that I have with the progressives and far left liberals, and that is their contempt of anyone who is financially successful. The Anti-Capitalist mentality. Capitalism, sorry to say, is the American way. Honest capitalism is even better.

This whole idea of "Give me something, for nothing", I believe is anti-American, It seeks to punish those who are successful. It forces those who have made something of themselves to surrender their wealth to those who want something for nothing.

Just my take on it.

I'll be the first to admit, like John McCain, I don't know jack about economics or for that matter, Wealth!

Yeah, that’s right. I’m about helpful as a blind man in a library, when it comes to this sort of stuff.

The Story:  JPMorgan Acts to Buy Ailing Bear Stearns at Huge Discount (Via New York Times)

Bear Stearns, pushed to the brink of bankruptcy by what amounted to a run on the bank, agreed late Sunday to sell itself to JPMorgan Chase for a mere $2 a share, narrowly averting a collapse that threatened to cascade through the financial system.

The price represents a startling 93 percent discount to Bear Stearns’ closing stock price on Friday on the New York Stock Exchange.

Bankers and policy makers raced to complete the deal before financial markets in Asia opened on Monday, as fears grew that the financial panic could spread if Bear Stearns failed to find a buyer.

The deal, done at the behest of the Federal Reserve and the Treasury Department, punctuates the stunning downfall of one of Wall Street’s biggest and most storied firms. Bear Stearns weathered the vagaries of the markets for 85 years, surviving the Depression and a dozen recessions only to meet its end in the rapidly unfolding credit crisis now afflicting the American economy.

My first reaction, when I saw this was, "Why should I even remotely give a rip?" However, it does show the full fall out of the sub-prime loan debacle that the Nation is dealing with, which isn’t helping the economy.

Yeah, from what I have read around the Blogs and from what I have seen on the T.V. we are headed into another Recession. Which is not a good thing. I guess it just means that the rest of the United States is catching up with Michigan.

Now, the nasty A-hole part of me, who kind of has a inbred hatred of people, who have more money that I do, thinks, "Ha Ha Guys! How’s it feel to lose everything and be broke, like I’ve been for the past couple of years??" But that’s a bit nasty and I try to avoid such thoughts.

I’m just hoping that this doesn’t trigger a mass sell off and a stock market crash, that would suck, because a full scale depression, is the LAST thing we need, right now.

Now, I’m not a capitalist freak, (You wouldn’t know it, by all the ads on my blog… *grin*) However, a certain amount of it, is acceptable, and a certain amount of it is needed to make the country work. So, I would hate to see the World’s Economy go to pot.

Anyway, that’s my take on it, from a Lower Middle class type of guy’s view.

The Experts are here: Crooked Timber, Matthew Yglesias, Buck Naked Politics, Taylor Marsh, JustOneMinute, Obsidian Wings, Marginal Revolution, Hoffmania! and AMERICAblog and more via Memeorandum