Hurricane onslaught may blow hole in US economy

[UpInArms]

http://news.independent.co.uk/world/americas/story.jsp?story=561787

As hurricane Ivan roared northwards yesterday through the Gulf of Mexico towards landfall in the US as early as this evening, Wall Street analysts warned that the damage could extend beyond buildings into the wider economy.

It has been 40 years since three serious hurricanes struck the US in a season and the economic impact on this occasion could be marked.

Most experts predict a storm-related drop-off in GDP figures in the third and fourth quarters. After increasing by $1.40 a barrel on Monday, oil prices were again rising yesterday, in part because of interrupted production. About a quarter of America's oil and natural gas production is in the Gulf of Mexico and most rigs and platforms have been evacuated.

David Kotok, the chief investment adviser at Cumberland Advisors, said that if Florida was hit by a third storm it would be felt across the US. Florida is the fourth-biggest state in terms of population and economic production.

...more...

[childslibrarian]

1. Oh, so the "soft spot" in the economy

is due to the hurricanes? I think it started in June before the hurricanes hit and it is due to Shrubs failed economic policies...

[Name removed]

2. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Ruby Romaine]

3. it's Clinton's fault!

[PassingFair]

4. We're in the eye of...

the Clenis!

[truthisfreedom]

8. oh my god... not the CLENIS! AUGHH!!!!

honestly, good luck to everyone facing Ivan. horrible thing.

[FloridaPat]

5. Jeanne is on the way. I think the Florida economy is dead even

now. I would bet most vacations are canceled until December - but this is the slow time anyhow. I had a friend who thought she had her timeshare on Cocoa Beach up and running. She flew down here and we met in Orlando and went over to her place. They lied - it was damaged and closed and they threw her out. Every building on the ocean from around Melbourne south to West Palmn is damaged. Lots of people need new homes. Thanks to Bush building 14 bases in Iraq, the price of homes here is up 10% since Memorial Day. The mobile home business may have taken a lethal hit with Frances.

[Heyo]

7. Jeanne will hook out to sea...

They almost always do when they come from that area... it's only when a few sneak through due to unusual weather paterns like Frances and Andrew do we get schwacked.... the prevailing structure of weather patterns ff the east coast turns them north and then NE.

Most of the time though the skirt the Bahamas and turn away.. my money's on Jeanne doing that.....

Heyo

[FloridaPat]

11. Sure hope so. I've seen enough of hurricanes to last me the rest

of my life. These were my first two. That's enough! I'll be cleaning up after Frances for ther rest of the year.

[JoFerret]

12. Hiya Heyo

One more post and you hit 1000. Cheers, and stay safe.
Love and best wishes to all in harm's way.

[Shadder]

22. Sure hope your right

But the way this season has been it's just too early to say for sure.

[PROGRESSIVE1]

6. Let's blame the Hurricanes now.

:eyes:

[jwirr]

9. Oh, no

didn't you know that disasters create growth? When the WTC went down the cleanup was counted as economic growth. Thus the more homes/businesses that go down the more growth Jeb & George can show for the Florida economy. I would suggest that we need some new rules when measuring growth: many like subtracting the lose from the new growth it encourages?

[Deja Q]

10. As does offshoring & 9/11 & layoffs, the weather will make a SMALL impact

on the economy of the wealthy.

Many real people have lost everything, however, because of the greed of a few.

Peak oil will destroy this economy, assuming the babyboomers don't retire first on their social security and medicare.

[KoKo]

13. Well, UIA, this could be the "tipping event" that we've read so much about

as the "unknown" from our "cautionary Bears" on the Marketeer site. I don't think our economy can handle this easily...but so far there's not much impact the stock market is seeing from all this bad news. Yet. Everything's on a pumping rampage until Novembers.

And, this article is from a UK paper...sheesh. It's as if we live in "never never land" here in the US..

[UpInArms]

24. agreed KoKo - this just might tip

the whole creaking mess into the abyss.

But we are so "happy" here in the markets! Inventories are up and that is "good" :crazy:

When no news trickles into this country that disturbs the illusion, I guess all is well in their minds. :shakeshead:

[Thor_MN]

14. The only hole in the economy is the A-hole in the White House

Well, him and all his minions... Wait that's not right either - * himself is a mere puppet of the real A-holes, the PNAC crowd.

[PurityOfEssence]

15. Nope. No such thing as global warming.

Must be one a them actagod things I keep hearing about.

[NJGeek]

16. Here comes the soft patch!

First it was the tech bubble.
Then it was 9/11.
Then it was Iraq.
Now it's the weather.

George W Bush, "The (No) Responsibility Candidate"

[GoddessOfGuinness]

17. How do you blow a hole in a hole?

Does this mean the bushonomics experts are going to start telling the TRUTH about the economy, and blame the weather instead of Dumbyass?

[grasswire]

18. so George got a Four-Fecta!

9-11
recession
corporate scandals
hurricanes

[leesa]

19. Another thing to blame Bush's failure on...

Never admit Bush trashed the economy on purpose.

[milkyway]

20. bush on the lousy economy: It was an act of God.

God is about to take another bum rap.

[flordehinojos]

21. The perfect ludicrous excuse for Señor Arbusto to shirk responsibility

for the part his ludicrous policies have played on our economy.

[Snellius]

23. Does Florida have a state income tax?

How do they pay for all the police, fire, emergency, clean-up, reconstrution costs? How much of it comes from federal emergency funds?

[Francine Frensky]

25. I think they use property taxes and tourist taxes

think I remember reading this....