Thursday, July 02, 2009

I Always Like Historical Nuggests

From the 1930 blog summarizing the Wall Street Journal articles for the day:

U.S. Treasury surplus for fiscal year ended June 30 was $184M. Receipts were $4.178B vs. $4.033B in 1929; expenditures $3.994B vs. $3.848B in 1929. Public debt was reduced by $746M due to surplus and $554M of "sinking fund" operations charged to ordinary receipts. Original estimate of surplus before start of fiscal year was $225M; 1% tax cut last fall reduced this estimate to $145M.

Senate may direct the Secretary of Agriculture to investigate the multiyear decline in cotton prices. Resolution would budget $125,000 to investigate "the cause of the decline, the amount of short selling, and by whom."

The first item is a reminder--8 months after the Wall Street crash, there's no stimulus from the budget.

The second item seems to be a perennial--always suspect the speculators. Maybe that's because we are paranoid, or maybe because speculators are always more visible in times of boom or bust.

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