Mainstream Media | timiacono.com - Part 5

Two stories in the news today would be oddly out of place (and quite unbelievable) during just about any other period in world history, but, here in 2011, they just seem to be more evidence of what is heard more and more these days – “we live in interesting times”.

First, from Detroit, this CNN/Money story tells how the local government has taken another step toward finding a long-term solution for a decades long decline in population and a more recent development – a growing budget deficit.

Michigan approves plan to close half of Detroit schools

In an effort to close a yawning budget deficit, Michigan has approved a proposal to drastically shrink Detroit’s troubled school system over the next few years.

The plan calls for the closure of 70 schools, which would cut the number of schools in the district in half by 2014, leaving only 72 public schools in Detroit. The closures would be on top of the 59 that were shuttered last year. As a result, high school class sizes would jump to 60 students each over the next few years.

And, in Saudi Arabia, the AP reports that the royal family is about to spend billions of dollars in the hope that what is now happening in Libya never happens in their desert kingdom.

Saudi opens its wallet to stave off protests

As Saudi Arabia’s 86-year-old monarch returned home from back surgery, his government tried to get ahead of potential unrest in the oil-rich country Wednesday by announcing an unprecedented economic package that will provide Saudis interest-free home loans, unemployment assistance and sweeping debt forgiveness.

The total cost was estimated at 135 billion Saudi riyals ($36 billion), but this was not largesse. Saudi Arabia clearly wants no part of the revolts and bloodshed sweeping the already unsettled Arab world.

Once again, “you don’t know whether to laugh or cry” after reading things like this – another phrase that seems to roll easily off of the tongues of a lot of people these days.

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U.S. markets are closed today for President’s Day, so the financial news is a little light stateside,  but it’s business as usual around the world and they’ve been hard at work at the U.K.’s Telegraph this morning providing this update on Libya, oil, and gold.

Let’s see… Brent crude oil is at $104 a barrel, WTI crude is at $89, gold just topped $1,400 an ounce again, and silver surged past $33, looking like it will reach $40 by the end of the week as global equity markets are moving lower along with U.S. stock futures.

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How is this a Bold Prediction???

In the first of what will surely be many, many 2010 year-end reviews and predictions for the year ahead, CNBC goes waaaaay out on a limb and calls for sharply higher stock prices next year in one of their “Boldest Predictions for 2011“.

What would really be bold is if they predicted that their ratings will soar. Of course, with nine of the ten lowest rated cable shows last month as reported at Business Insider the other day, that may not be too difficult to achieve.

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Why People Don’t Buy Gold

Spotted over at the Implode-O-Meter recently was yet another xtranormal text-to-movie, this one dealing with the mainstream view toward gold as an investment.

Favorite line from the gold-averse investor: “I do not want to feel stupid. I do not want to be called strange and weird … I listen to a few people that everyone else listens to. Then, if I am wrong, I don’t feel stupid because everybody else made the same mistake.”

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