Friday, January 30, 2009

Exxon shatters profit records/Economic Signs Turn From Grim To Worse

Good News/Bad News for Exxon Stockholders. Just Bad News For The Rest Of Us

The Washington Post says that not only is the economic handbasket hell-bound, the road is getting steeper.
The accelerating pattern of grim indicators has led up to a report scheduled for release this morning on U.S. economic performance in the final three months of last year. Many economists think the economy shrank by as much as a 6 percent annual rate -- that would be the worst quarter for the economy since 1982 -- and they see little potential for growth until later this year.
But not all the toy boats are circling the drain. As CNN reports some companies seem counter-cyclical:
Exxon Mobil made history on Friday by reporting the highest quarterly and annual profits ever for a U.S. company, boosted in large part by soaring crude prices.
Bring your pitchforks, tar, and feathers up to the refinery guard shack for the protest.

(partial h/t to the ever-alert ScottyNuke)

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