A falling economy is not necessarily bad for the practice of law. There is nothing like fights over money to spur disagreements and force companies and individuals into divorce and bankruptcy and lawsuits (or even arbitration). Then there are those that are trying to correct the problem, such as some alternative energy companies, that have to force through approval for their plans. You can say power up lawyers, the sky is
falling and it is going to ultimately take a lot of lawyering to correct his mess. But, that does not mean we want it. After all, it does effect us as well. In trying to run offices, homes and put our kids through school the last thing we want to see are increasing fuel prices, grocery prices, interest rates, and soaring tuition.
Here is the roundup. You tell me if there is any good news in any of this?
There was a huge sell off on Wall Street today even though oil prices are dropping a little; New home construction falls in May; Bond rates spike on fears of inflation effectively raising the costs of money; Big Banks are having to cut their dividends; Congress is going after oil speculators in a slue of new bills introduced; The Fed has to acution of $75 billion to banks to avoid liquidity troubles; Wholesale inflation spikes even higher; Industrial production dips in May; Best Buy's profit falls 7% in the 1st quarter; Builders' confidence matches a record low; Investment bank Lehmann Brothers loses almost $3 billion; 73,000 homes lost ot foreclosure in May alone; Some real estate markets are expecting price drops as much as 50%; China is now telling us how to run operate our economy and not visa versa; American auto manufactures continue to idle factories and cut jobs; First indictments are coming against Bear Sterms executives as a result of the credit crises; Price of bananas rise 36%; and the worse indicator is that a Manhattan judge reduces the inheritance of Leona Helmsley's dog from $12 million to $2 million. A dog cannot even get a break in this economy.
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