US oil slick could trigger 'double-dip' recession: analyst

[jxnmsdemguy65]

Source: Breitbart

The massive oil slick threatening the Gulf of Mexico's coastline could wreck the US economy's fragile recovery and lead to a "double-dip" recession, an investment firm warned Monday.

A market commentary from Cumberland Advisors said the bill from the Deepwater Horizon disaster may ultimately run into hundreds of billions of dollars and leave an economic impact that will be felt for a generation.

Cumberland chief investment officer David Kotok said in a commentary titled "Oil Slickonomics" that the spill had left three likely scenarios for the future: "bad, worse, and ugliest."



Read more: http://www.breitbart.com/article.php?id=CNG.edb75fd95c15791749626b309cbafaa0.351&show_article=1

---

Thanks BP and George W. Bush. You're the greatest!

[ixion]

1. The double dip was coming anyway

this just makes it more pronounced.

[Ian David]

12. Great. Now we're gonna get a yeast infection, right? n/t

[KittyWampus]

20. it's pretty obvious some DU'ers have been hoping anything would happen to cause it.

[Beetwasher]

2. BP, Halliburton And Others Responsible Need To Pay Until They Bleed

And then some.

[lib2DaBone]

3. Oh those poor oil companies.. they are going to lose so much money..

boo hoo :nopity:

They'll just have to raise gas to $5 a gallon to make up for it....

[BrklynLiberal]

4. yep..That will be their solution to their plummeting profits...

Penny wise and pound foolish hardly even begins to describe their stupidity and arrogance.

[cbdo2007]

5. Everytime anything happens people think it will cause the "double dip"....

here at DU. People here seem to be about 99% negative about the economy and about 1% positive and it's definitely always getting worse.

[laughingliberal]

14. Could be the recovery seems a bit fragile at this stage and is subject to the double dip from

issues we might weather in better times.

[librechik]

6. breitbart's a boob

but I can't argue with the story, much. We are screwn.

[German]

7. And, again, Goldman Sachs in the middle

- In what is looming as another public relations predicament for Goldman Sachs, the banking giant admitted today that it made "a substantial financial bet against the Gulf of Mexico" one day before the sinking of an oil rig in that body of water.

The new revelations came to light after government investigators turned up new emails from Goldman employee Fabrice "Fabulous Fab" Tourre in which he bragged to a girlfriend that the firm was taking a "big short" position on the Gulf.

"One oil rig goes down and we're going to be rolling in dough," Mr. Tourre wrote in one email. "Suck it, fishies and birdies!"

Source:http://www.huffingtonpost.com/andy-borowitz/goldman-sachs-reveals-it_b_558774.html


This should become an own threat

[HCE SuiGeneris]

9. This has to be parody...

doesn't it?

[Moosepoop]

11. Unbelievable as it is...

It seems to be true.

[peacetalksforall]

8. What is the worth of BP and Halliburton today? The government should step in and demand that H

nd let Exxon name a price to buy them, then give that money to the people of all the the states that are affected by it.

[Turbineguy]

10. They must be short.

[LiberalLovinLug]

13. Almost wish McCain won

I said almost! But...

1. There would be no doubt that this is a Republican recession.

2. There would be no doubt that both wars were Republican wars.

3. Their "Drill baby Drill" would resonate much louder, and the backlash much deeper, if they were the ones in power.

4. There would be no FAUX News sponsored Tea Party, (even though they would have no Obama tax cuts under McCain).

5. We would be fired up even more, and there would be no doubt that the Democrats would take the reigns of power in 2012 and hold them for a long time.

[iamjoy]

15. I Know What You Mean

Instead, the Democrats are going to get the blame and we'll have at least 12 years of Republican rule.

:(

Dubya couldn't have screwed us better if he'd tried.

[Rectangle]

17. Yeah, but Grampa McKooky would have also bombed Iran by now! n/t

[HughMoran]

16. Right-wingers and 'good news unreccers' must be rubbing their hands together with glee

Woohoo! failure!

[bvar22]

18. No.

Leaving Wall Street unregulated,

refusing to force the Big Banks to use TARP to actually deal with their "troubled assets",

a light weight Tax Cut "Stimulus" that didn't go near far enough in creating jobs,

the continued loss of GOOD jobs to "Free Trade,

the lack of WILL in breaking up the "Too Big to Fails",

ignoring Main Street while reassuring the top 1% that they will never know a day of discomfort,

the replacement of the Mom & Pop economy with a plague of predatory Big Boxes that assures that even if a dollar makes it to Main Street, it is immediately sucked up and sent out of town by a Big Box,

the stagnation of REAL wages and the steady increase in cost of living,

the continued upward redistribution of WEALTH to the top 1%........

ALL of the above plus some is what will bring the "double dip".

The Oil Spill is just the mustard on the Shit Sandwich that Labor Class is being forced to eat by BOTH political parties.


There is NO "Free Market".
There is NO "Invisible Hand".
They made that shit up, and sold it to a gullible America.


"If we don't fight hard enough for the things we stand for,
at some point we have to recognize that we don't really stand for them."
--- Paul Wellstone

[Javaman]

19. Shhhh, stop talking sense and feed into the spin.

because that's what our corporate masters want. And they always know what is good for us! Time now to eat some oil soaked oysters.

[SammyWinstonJack]

21. ^5 nt

[jxnmsdemguy65]

22. Spot on, bvar! Best summary of our situation I've seen to date...

Now the question is:

What is to be done?

It's clear that Obama is not being aggressive enough in handling these situations.

What is to be done?

[bvar22]

23. We already have a solution.

And it has already been proven to work.

"We have come to a clear realization of the fact that true individual freedom cannot exist without economic security and independence. “Necessitous men are not free men.” People who are hungry and out of a job are the stuff of which dictatorships are made.

In our day these economic truths have become accepted as self-evident. We have accepted, so to speak, a second Bill of Rights under which a new basis of security and prosperity can be established for all—regardless of station, race, or creed.

Among these are:

*The right to a useful and remunerative job in the industries or shops or farms or mines of the nation;

*The right to earn enough to provide adequate food and clothing and recreation;

*The right of every farmer to raise and sell his products at a return which will give him and his family a decent living;

*The right of every businessman, large and small, to trade in an atmosphere of freedom from unfair competition and domination by monopolies at home or abroad;

*The right of every family to a decent home;

*The right to adequate medical care and the opportunity to achieve and enjoy good health;

*The right to adequate protection from the economic fears of old age, sickness, accident, and unemployment;

*The right to a good education.

All of these rights spell security. And after this war is won we must be prepared to move forward, in the implementation of these rights, to new goals of human happiness and well-being.

For unless there is security here at home there cannot be lasting peace in the world."--FDR

The tax rates and Economic Policy of the FDR era coupled with strong political support for LABOR and a heavy regulatory hand on the mistrusted Banks and large Corporations, BUILT the Middle/Working Class.
These policies could do so again. We don't need to "experiment" or design another "Uniquely American Solution". We already HAVE one.
All we need is a political party that represents the American Working Class to implement these solutions.


"There are forces within the Democratic Party who want us to sound like kinder, gentler Republicans. I want us to compete for that great mass of voters that want a party that will stand up for working Americans, family farmers, and people who haven't felt the benefits of the economic upturn."---Paul Wellstone

[Warren DeMontague]

24. Breitbart?

Sorry, I'll wait to hear it from a source run by someone other than a total fucking tool.