The idea that we may be headed for an oil supply crunch got a boost from a Wikileaks release revealing that Saudi Arabia's oil reserves may have been exaggerated by as much as 40%, or 300 billion barrels.
The basic theory of “peak oil” is that we have reached—or will shortly reach—the point when oil extraction cannot be expanded. We’re drawing as much oil out of the ground as we ever will—oil extraction has “peaked.” The typical follow up to this is the prediction that we’ll decline from this peak—perhaps rapidly—creating a spike in oil prices or a huge demand for alternatives.
In the speech by Dallas Fed president Richard Fisher thatI discussed earlier today , Fisher delivered a stinging rebuke to Ron Paul almost calling the Congressman out by name.
Fisher's contention is that Fed critics are over-emphasizing the importance of monetary policy. His argument is addressed to those who think the Fed should be held accountable for the weakness of our so-called recovery and those who are worried that the Fed is debasing our currency.
Last night the American Ireland Fund hosted an event on the floor of the New York Stock Exchange.
Duncan Niederauer, the CEO of the NYSE, was the evening's host. Also, there was an open bar.
Official Congressional budget estimates understate the peril of rising debt, Fed chair Ben Bernanke told the Budget Committee on Capitol Hill today.
Warning that our nation's fiscal health has deteriorated appreciably since the onset of the financial crisis and the recession, Bernanke called upon lawmakers to confront the long term fiscal challenges sooner rather than later. If lawmakers don't confront them, they'll find themselves confronted by them.
Muni-Madness is about to get under way on Capitol Hill. A series of hearings kicks off today with the Subcommittee on TARP and Financial Services' "State and Municipal Debt: The Coming Crisis?" In the background of these hearings is the question of whether Congress will step in in and bailout states who are often said to be teetering on the drink of default.
I spoke with Steve Murphy, Managing Director, State & Local Government Ratings at S&P, about the state of the states and their debt.
AIG to take a big charge:Claims it will 'strengthen' loss reserves . [DealBook]
Home loan demand drops, as mortgage rates hit 10 month high. [CNBC]
A Coke and a smile: Coca-Cola profits triple on one-time gain related to its acquisition of its North American bottling operation. [Bloomberg Businessweek]
Is inflation coming? [SeekingAlpha]
The life of an insider trader [NY Post]
After a fresh round of insider trading arrests and news conferences, hedge fund giant SAC Capital is once again in the spotlight.
Earnings growth will become muted and rising interest rates cap will multiple expansion, analyst Hugh Johnson says.
According to Goldman Sachs strategists, the answer is simple: Bet on companies that don't see so much turnover.
Slumping oil prices have put Russia's economy on course for a sharp recession next year, its finance minister said on Friday.