Hurricane Katrina could slow US economic expansion

[Yo_Mama_Been_Loggin]

Shit!!! Just when the economy was starting to kick ass.

:sarcasm:

Mon Aug 29, 2005 05:48 PM ET
By Michael Connor
MIAMI, Aug 29 (Reuters) - Hurricane Katrina may sting U.S. economic growth by choking energy supplies even as the damages caused by the storm spur massive rebuilding and emergency government spending.

Economists, while emphasizing that few concrete damage assessments have yet been made, said the major hurricane that struck the country's key Louisiana energy gateway would help sustain high oil, gasoline and natural gas prices.

A seasonal downturn in demand expected after next weekend and a higher-than-usual build-up in inventories ahead of the North American winter had led to forecasts energy prices might ease in coming months.

Some economists said U.S. gross domestic growth had been already showing signs of easing and may now slow more rapidly if fallout from Katrina boosts oil to $100 a barrel for a month, or U.S. gasoline prices to $3.50 a gallon, for a few months.

http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh72953_2005-08-29_21-48-34_n29609299_newsml

[Gloria]

1. I thought it was already slowing a bit....

from what I've read recently.....

[Roland99]

8. You've obviously been reading America-hating leftist news sites

Time for you to report to your re-education site, citizen.

[Faygo Kid]

2. BS. This economy stands on housing price rises.

That's all. And when the bubble bursts, we won't have the inherent strengths we had under Clinton when that bubble burst - namely, a surplus, job growth, and no war sucking 5 BILLION a month out of our economy. Suck it up, folks. Bush is on the final track for transferring the wealth of this country to a small elite, as he has worked for all along.

[Tace]

3. Americans Don't Realize We're Being Ravished...

in exactly the way we've ravished numerous third-would countries. It just doesn't register.

Our public doesn't understand what we've done to much of the rest of the world, and they don't realize that the same thing is now being done to us.

[Triana]

4. So it can slow something that doesn't exist eh?

Interesting.

[aquart]

11. Yeah. WHAT economic expansion?

[Lindsay]

5. What a handy excuse

for Il Douche.

[Eloriel]

13. Now THAT may be my favorite name for him yet

Cute little play on words there (tho I do dislike the inherent sexism).

[Career Prole]

6. Already concocting the cover story for the crash, eh?

Figured as much when Greenspin started backpedalling like a spooked lobster on his prior happy talk.

Katrina will serve as the economy's "Pearl Harbor", just as 9/11 served the neo-cons earlier, in a different manner.

[yellowcanine]

7. Iraq, High Gas Prices, Katrina - Another Trifecta for the Bushman!

Do you think he is going to be bragging about it?

[wli]

9. what, the Depression is going to deepen? n/t

[HadItUpToHere]

10. there will be a lot of money/labor spent on cleaning/rebuilding the area..

and that may help soften the overall blow a bit.
although the storm will probably end up putting more people out of work than to work.

[DLnyc]

15. there would be, but sounds like the till has been emptied

over at FEMA, from various articles I saw. First it was combined into Homeland Insecurity, apparently, and then a lot of budgets were cut to pay for tax cuts for rich people and some war somewhere

On the bright side, covering bushit's upcoming photo-ops should provide a little employment for media people.

[struggle4progress]

12. Oh, it's Katrina that's been slowing transfer of wealth from the poor ..

.. to the very rich! I'm really glad the experts were able to clear that up ...

[Javaman]

14. "could slow"??????

damn, the gears were need oil (pardon the pun) desperately for years, this will effectively bring them to a grinding halt.

[I_Make_Mistakes]

16. Oh, here comes the RW spin

[TankLV]

17. What "expansion"?

[Chicago Democrat]

18. Ya think?

Understatement

[tom_paine]

19. All things Serve the Emperor

It's all 9-11's fault
It's all Clinton's fault
It's all Katrina's fault.

NEVER is it Der Fuhrer's fault.