The Great Depression

  • Benjamin Roth: The Great Depression: A Diary

    Benjamin Roth: The Great Depression: A Diary
    It's all here, times change people don't -the endless govt programs that fail to stimulate the private sector -the ups and downs of the economy, the veterans pension stimulates just as the housing credit did, until of course the money runs out -Roth is a attorney in Youngstown Ohio who kept a diary regarding the economy from 1930 until WW II breaks out, he is objective, candid, and forthright which is more than we get from Washington DC now or then highly recommended

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March 27, 2020

Comments

Thomas Dresch

Wonderful take on what's happening. Seeing oil prices fall day after day is quite frightening. My family's business is oil production and as a small producer, we have definitely been feeling the pressure. We sell our oil to Shell Trading and we got an email earlier this week saying "Starting May 1 they will no longer be buying oil from any producers until further notice." They said that all their storage facilities are completely full and they have no more room to store oil or gasoline. Once the Saudis up production in April this is going to be devastating to the price of oil. The RRC is kinda between in a rock and hard place with the decision to limit production. Very tough decision. Personally I don't know if limiting Texas oil production would do a whole lot in the grand scheme of things except hurt domestic producers even more. The Saudis are the second largest producers in the world at 12.5 million barrels per day, Texas produces around 4.7 million per day, so limiting Texas production might only be a drop in the 1000 gallon bucket. Until the planes get back in the air, boats back at sea, people back at work, and Russia and Saudis calm down, I don't see oil returning to pre-pandemic levels anytime soon. Just my thinking though.
I find it quite amusing that people do not want this virus called the Chinese Virus. The massive amount of human rights violations, the authoritarian reign, and killing or censoring of those who disagree with the state is horrendous, yet I don't hear the PC crowd say anything about that. They are more worried about offending the Chinese government, give me a break.
I totally agree with your take on the stimulis package passed by Congress. It's scary to me to see how comfortable our leaders are with massive amounts of debt. We are already $20+ trillion in debt, how many more cards can be stacked? It will be quite fascinating to see the long term effects this virus has on the human psyche and long-lasting impacts on businesses. We will recover, we always have, just don't know how long it'll take.

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