We need to get prices under control.... We can only conclude that the oil markets have failed

"We need to get prices under control.... We can only conclude that the oil markets have failed," said Sen. Herbert Kohl, D-Wis. http://news.yahoo.com/s/ap/20080521/ap_on_go_co/oil_congress

Inflation or something else? Wall St. Dishes out $175 burger

http://wcbstv.com/local/wall.street.burger.2.728491.html Wall Street Burger Joint Dishes Out $175 Burger

Oil spikes to all time high 128

http://biz.yahoo.com/ap/080516/oil_prices.html?.v=13
NEW YORK (AP) -- Oil prices surged more than $3 Friday, shattering a previous record in a spike near $128 a barrel, as prices at the pump pushed to new highs of their own. The gains come 10 days before the Memorial Day holiday, the traditional start of the peak U.S. summer driving season, suggesting that retail gas prices have further to rise.

Bush in Saudi Arabia...

King sees no reason to raise oil production...

China hacks US with US technology copy, Cisco routers

http://www.worldtribune.com/worldtribune/WTARC/2008/ea_china0141_05_15.asp China hacks US networks with Cisco copies Made In China

PALM BEACH ESTATE SELLS FOR $100 MILLION; FOREIGN BUYER...

Philly's $100 cheesesteak...

China Construction companies receive boost from earthquake

http://www.forbes.com/afxnewslimited/feeds/afx/2008/05/14/afx5006501.html BEIJING (XFN-ASIA) - China A-shares closed higher, with nonferrous metals and cement companies leading the gains on expectations of higher demand after Monday's Sichuan earthquake, dealers said.

A significant rebound by banks also helped to boost the market.

The benchmark Shanghai Composite Index closed up 97.19 points or 2.73 pct at 3,657.43.

Turnover fell to 122.32 bln yuan from 122.66 bln in the previous session.

'The earthquake did not change the uptrend of the market, which received sustained support from regulators,' said Jin Hongming, an analyst at Guotai Junan Securities.

'More new stock funds are also entering the market, and fund managers generally favor large caps like banks,' Jin added.

Inflation eases as food prices soar

FEEL NO PAIN: INFLATION 'EASES' AS FOOD PRICES JUMP MOST IN 18 YEARS...

States use unclaimed property to finance budget shortfalls

States Seize Citizens' Property to Balance Their Budgets

States Seize Citizens' Property to Balance Their Budgets...

 

JPMorgan Chase Admits It Received a Multi-Billion Gift From the Fed

JPMorgan Chase Admits It Received a Multi-Billion Gift From the Fed...

 

CDO Debt could pose renewed danger for banks

Ron Paul's forces quietly plot GOP convention revolt against McCain

http://latimesblogs.latimes.com/washington/2008/05/ronpaulgop.html
Ron Paul's forces quietly plot GOP convention revolt against McCain

Virtually all the nation's political attention in recent weeks has focused on the compelling state-by-state presidential nomination struggle between two Democrats and the potential for party-splitting strife over there.

TV viewership continues to slide...

NOW PLAYBOY loses money?

Oil breaks 126 all time high

• Crude oil hits all-time high $126.20/barrel May 9 on dollar weakness, geopolitical concerns about Nigeria and Venezuela, and hedging against credit crisis
  
• New record obliterates not only nominal high but inflation-adjusted high of $100-111/b reached in 1981 (when Iran cut exports)
  
• Since 2001, dollar price of oil and gold moved in tandem, rising >267% and >239% respectively
  
• Verleger: Price rise due to US adding sweet crude to Strategic Petroleum Reserve and related option hedging
  
• Spiegel: Thanks to fuel subsidies, real price not high enough to cut demand
  
• Upside risks: low inventories, higher cost of production (due to labor shortages, credit crisis, extraction of unconventional sources), growing demand supported by fuel subsidies, $ weakness, speculation, hedging
  
• Spike risks: weather, geopolitics
  
• Downside risks: recession bets, end of refinery maintenance, increased non-OPEC supply and refinery capacity, lower demand in spring
  
• Consensus estimate for average WTI price in 2008 raised from $76/b to $87/b (UniCredit $100; BNP $89; Danske $83.5; Standard Chartered Bank $82; Natixis $67.7; Barclays $97.70)
  
• NYMEX futures predict oil prices to remain above $100/barrel in 2008
  

"The politicians' response should be, 'Get used to it,'" said Novogratz of the emerging energy crisis now fuelled by rising oil costs. He was particularly scathing of Hillary Clinton's gas tax holiday, which he called "the stupidest idea I ever heard."... http://blog.wired.com/wiredscience/2008/05/only-greentech.html

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Corn barely planted due to harsh weather

http://www.startribune.com/business/18351594.html
Snow plagues farmers as corn prices climb

 

Salmon fishing banned on West Coast

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/05/02/BABT10F7PE.DTL&tsp=1 Salmon fishing was banned along the West Coast for the first time in 160 years Thursday, a decision that is expected to have a devastating economic impact on fishermen, dozens of businesses, tourism and boating.

Gold 850 – Mobius sees commodity boom continuing

http://www.zealllc.com/2008/glogold4.htm

http://www.breitbart.com/article.php?id=080430191254.lghbtwt2&show_article=1 Three Chinese banks in world's top four: study

Recent gold headlines from Kitco…

• Major May Day Meltdown - by Jon Nadler , May 1 2008 2:13PM Kitco Precious Metals and Economic Reivew - Historical Data Reveal Trends and Expectations - by Wendy Lynn Ip , Apr 28 2008 9:45AM Taking A Break - by Brien Lundin , Apr 30 2008 11:25AM The Ongoing Bull Market - by Mary Anne & Pamela Aden , Apr 28 2008 4:18PM Inflation Fears & Food Shortages - by James Turk , Apr 28 2008 11:00AM
  

Cash shortages and fertilizer shortages

MORE CASH NEEDED: CITIGROUP to sell $4.5 billion in stock...

 

EU bails out German bank for $7.8B...

 

NOW -- A FERTILIZER SHORTAGE...

Oil spikes on supply worries and Iran warning shot

Oil shortage in UK ahead of strike: 'Stations running dry'...


STUDY: Oil prices to double in next 4 years...

 Oil Rises More Than $2 on BP Plan to Close U.K. Pipeline, Nigerian Output

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