Economic News: A Cloud That Lacks A Silver Lining

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
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Late news out of the economy track system is that the buildings are collapsing all around.

After Goldman Sachs (GS) panicked and said that oil would rise to $141, crude immediately spiked to $128 as traders jumped on the railroad of self-fulfilling prophesies. It will get worse. US refineries reported that they are making more diesel and less gas. Look for the pump to read $5 a gallon by Labor Day.

In Ann Arbor, the Reuters/University of Michigan preliminary index of consumer sentiment dropped to a 17-year low with a figure of 59.5. According to Bloomberg, this "compared with an average reading of 85.6 in 2007." That is lower than the Nautilus was able to go in Jules Verne’s "Ten Thousand Leagues Under The Sea".

Hard news.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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