Leading Rich

Guide to Money, Investing and Personal Finance

24 Feb

Week In Review February 22, 2008 - Oil Hits $100, Fidel Castro Resigns, Ralph Nadar for President

Another shock to the system this week with Oil hitting $100 per barrel on Wednesday February 20th. Although the market shrugged it off on Wednesday, Thursday the Dow was down significantly. Many commentaries and news stories are focusing on the possibilities of Stagflation. Stagflation is defined as a negative economic climate where inflation is rampant. This is what we saw in the 70’s and early 80’s.

Fidel Castro Resigns

Fidel Castro the longtime Dictator of Cuba resigned this week sending many former residents of Cuba partying in the streets of Miami Florida. This significant political change could pave the way for the US to change its stance on economic sanctions with Cuba. But could the newly parliament elected President Raul Castro hinder changes in Cuba or will he make some significant reforms that will appease the United States?

US Politics

  • Obama wins 11th straight state
  • McCain involved in accusation of infidelity and conflict of interest, which was a repeat of the 2002 election when he came up against President Bush
  • Hillary having financial difficulties
  • Ralph Nadar entering 2008 Presidential Race

Mortgage News

Mortgage rates continue to rise even as depositor rates decrease. With the Federal Reserve lowering rates, people looking for safe investments continue to see goverment guaranteed savings rates fall to new lows. You would expect that mortgage rates would all fall, but given they are still rising, this represents the significant risks in the mortgage markets. This leads me to believe that there is more negative news to come.

Thanks to Jack Y. for his contribution on this weeks review.

This entry was posted on Sunday, February 24th, 2008 at 6:00 pm and is filed under Economy, Federal Reserve. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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