What Caught My Eye Today
Misery - Given the tone of the stories that follow in today's posting, I figured why not start with an item that specifically deals with misery. According to the latest "misery index" (designed in the 1960s by an economic adviser to President Johnson to gauge how difficult was for for average households by adding together the rates of inflation and unemployment), people are more miserable than they have been in 15 years. They need a survey to figure this out? From 2001 to 2007, the index averaged 7.89% under the current President Bush, slightly higher than during the Clinton years (Bill, not Hillary). So far in 2008 the index is averaging 9.01%. Still, this is well below the 21.98% peak reached under Jimmy Carter. I hate to sound like a broken record, but I'm still not feeling very warm and fuzzy.
Gasoline - It was a weekend of 'firsts' for gasoline. The average price of regular gas crept up to $4 a gallon for the first time over the weekend. Prices at the pump are expected to keep climbing, especially after last week's furious surge in oil prices, which neared $140 a barrel in a record-shattering rally Friday. These are the sort of 'firsts' that I could do without. California has seen some of the highest prices; a gallon there now averages $4.436 a gallon, the most in the country. Missourians are paying the least at the pump, with a gallon selling for a relatively cheap $3.802 a gallon. Soaring demand in Asia and elsewhere is ensuring global supplies remain tight even as Americans cut back; recent figures from the U.S. Energy Department's Energy Information Administration showed U.S. gasoline demand actually fell 1.4 percent over the last four weeks. A tumbling dollar is also contributing to the increase. Many traders buy commodities such as oil as a hedge against inflation when the dollar is falling, and a weaker dollar makes oil cheaper for investors dealing in other currencies. I gotta say, having an explanation for higher gas prices isn't really making me feel any better. However, in the giant scheme of things, that summer road trip isn't going to cost that much more. Here are a few road trip costs (representing the increase in fuel costs since June 2007):
Again, I gotta say, I'm not feeling much better about the whole thing.
Olympics - Okay, this is getting serious now. It's one thing when you have a bunch of disgruntled Tibetans whining about being miserable (honestly, basic human rights are highly overrated if you ask me), but when you start messing with the television coverage for the upcoming Summer Games, I have to draw the line. Television networks that will broadcast the Beijing Olympics to billions around the world are squaring off with local organizers over stringent security that threatens coverage of the Summer games in August. Differences over a wide range of issues surfaced in a contentious meeting late last month between Beijing organizers and high-ranking International Olympic Committee officials and TV executives. Well, I for one am stunned by this. After all, the run up to the Olympics has gone so smoothly up to this point. China's communist government seems to be backtracking on some promises to let reporters work as they have in previous Olympics. Chinese officials say more than 500,000 people will handle security during the games, equaling the number of foreign visitors expected. Public security officials said a few days ago that protests won't be allowed — unless protesters get a permit — with arrests or expulsion likely. One thing that I think everyone can agree on is this--these games will most likely be one of the most memorable in history. Of course, it remains to be seeing if they will be memorable in a positive or negative way.
Federal Budget - Congress' latest budget proposal includes a plan to spend $212 billion to finance the war in Iraq. In the massive spending bill, $350 million is set aside to help Iraqi refugees while just $73 million has been allotted to help shelter physically and mentally disabled Katrina victims. Along with funding the war through the first month of the next president's term, the bill provides Jordan's military $100 million and Mexico's armed forces $50 million. In response, lawmakers have attached over $30 billion to the proposal for what they see as domestic priorities. House Speaker Nancy Pelosi must trim the bill or face a threatened veto from President Bush. These cuts may include part or all of the $2.9 billion in Katrina assistance in the add-on. I think it's important to prioritize even at the federal level. I mean if the average household has to live within a budget, why shouldn't the government? However, if you can explain to me how a war in the Middle East that no one wants to continue rates higher than providing for the citizenry here at home, then you are infinitely smarter (or maybe delusional) than I am.
Okay, last one. I'm not sure I can take much more of this...
Tennis - Roger Federer, who has won 12 major championships and has been ranked #1 for a record 227 weeks in a row, suffered his worst loss in 173 career Grand Slam matches against Rafael Nadal in the French Open final, losing 6-1, 6-3, 6-0. That's got to sting. During the trophy ceremony following the most lopsided men's final at the French Open since 1977, and at any Grand Slam since 1984, Nadal felt compelled to say: "Roger, I'm sorry." I'm sure Nadal meant well, but dude is just pouring salt in an open wound with that comment. Here are some of the obscene numbers that Nadal has racked up on clay courts: 28-0 for his career at the French Open, 115-2 on clay since April 2005, and 22-1 in clay-court finals.
Oh and by the way, #2 seed Ana Ivanovic won the women's final over #12 Dinara Safina.
Lastly, here's an item we can smile about...
Cycling - American Levi Leipheimer made a strong start to the Dauphine Libere stage race with victory in the opening prologue today. On a completely flat 5.6 kilometer course from Le Pontet to Avignon, the Astana rider stormed home a second clear of Norwegian Thor Hushovd. Having just raced the Tour of Italy where he helped Spanish team-mate and 2007 Tour de France champion Alberto Contador win overall, Leipheimer said he was in good shape. Yes, that is good news, isn't it? Though, I feel like I've forgotten something...Oh, that's right... Third in the 2007 Tour de France, Leipheimer cannot take part in cycling’s premier event. Leipheimer’s Astana team has been barred because of doping scandals before the American joined the team.
Have a good week, everyone.
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