Vacation Week

Dear Friends,

I'm on vacation this week, but please visit Limericks Économiques to recall some of your favorite verses.  See you after Independence Day!

Best regards,

Dr. Goose

Does the Oil Cleanup Stimulate the Economy?

"All's not lost in the Gulf," said the pol;
"The cleanup makes jobs - that's the goal."
"But imagine instead,"
The economist said,
"If those jobs played a more gainful role."

"In recession, we wait for green shoots
To bring jobs to the idle grass roots;
So the cleanup campaign,"
Said the pol, "Won't detain
Our workers from gainful pursuits."

The economist frowned with sagacity:   
"The work from the cleanup will pass," said she;  
"Beyond current enjoyment,
This surge in employment
Isn't building tomorrow's capacity."  
  
- Inspired by economist Jodi Beggs' interpretation of the classic "Broken Window Fallacy" in her blog, Economists Do It With Models.

Yuan or Not?

In London, New York and Shanghai,
The Yuan was to reach a new high,
But when the Renminbi
Arose only minim'ly,
Many asked: "Why the Hu and the Kwai?"

Which Side are Yuan?

Beijing, in a currency detente,
Made a move quite well-timed and savant:
The yuan they'd let climb
With the passage of time,
Though perhaps not as fast as yuant.  

BP Congressional Hearing III

Said Republican Congressman Barton,
"Mr. Hayward, I'm begging your pardon."
Said his House leader Boehner,
"You'd better explain or
You won't have a seat left to fart in."

BP Congressional Hearing II

Tony Hayward said: "You can assume
That we'll pay up, scrub down and lay boom;
As to who did what when
I can't help you, my friend -
At the time, I was out of the room."

BP Congressional Hearing I

In America, a corporate villain
Must submit to congressional grillin',
Where the red and blue reps
Demand for his missteps
His atonement, however unwillin'.

Message from the White House

Said the President: "Oil is finite,
A resource that's now in its twilight;
So the deeper we drill,
The greater the spill,
As the recent misfortune may highlight."

Up or Down?

Two economists of well-known ability
Broke out into open hostility;
Whether high or low prices
Were less welcome vices,
And which carried more probability.  

Fair Play in the Gulf and on the Field

BP's like a good English goalie,
Who may let matters dribble by slowly,
But they're such jolly chaps,
That they'll help you, perhaps,
To even the tally up wholly.

Thanks to Sam Costanzo for this footballing analogy.

Overheard at the European Central Bank

"This bailout we've not had much luck at,
And it's us Greeks are running amuck at,
So we'll just watch, this week,
The World Cup en Afrique,
Which at least the Americans suck at."

The Times Catch Up with Mr. Hugh

A Cassandra, alone and aloof,
Said: "The Euro is done - here's the proof:
Cold logic determines
The Greeks and the Germans
Can't cohabit under one roof."  

Thanks to Edward Hugh for his unwavering grip on reality.

Brutish Petroleum

BP is a comp'ny most hated
For this oily mess they've created,
But it won't be the worst
If our national thirst
For petroleum stays unabated.  

Overheard in the Oval Office

"The sight of the Gulf with this slick in it,
Hits my stomach so hard it may sicken it,
So please get me the name
Of the ass who's to blame
At BP, so that I can be kickin' it."

Overheard at a BP Board Meeting

"Well gents, I hain't got the stomach
To see 'ow far our share price will plummeck
So let's shear off the top
And siphon this glop
Before it seeps up the Potomac."

Rating Agency Hearing

"Triple-A," admits Warren Buffett,
"Is a term one may rightfully scoff at,
But as owner of Moody's,
I'll tell you the beauty's
Their business plan still turns a profit."

It's All Relative

The US isn't having its best year,
But the world hasn't ceased to invest here;
Since Europe is weaker,
A typical seeker
Of safety may feel not as stressed here.