GM is said to be giving up its sponsorship of the Oscars for obvious reasons - it's running out of money. And shopping malls are finding it harder to bring in customers - partly because people are not shopping as much as they used to and partly because they're not driving as much as they used to.
Of course, there's a long list of things that aren't what they used to be - house prices, stocks, emerging markets, consumer spending, bank lending, Wall Street bonuses...and so forth. Our guess is that the list is going to continue to stretch.
With that, we say goodbye for today...we've got to get ready for the big party - at which, your author gets to make a fool of himself twice. First, when he gives a short welcome speech, in French...and again when he performs a few songs with the band. He is a terrible musician under any circumstances, but in front of a crowd, after a few drinks, he is pathetic.
Your editor has only two good qualities. As you know, he is extremely humble...even if he is insincere about it. More importantly, he also doesn't embarrass easily.
Bill Bonner
The Daily Reckoning Australia
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About the Author
Best-selling investment author Bill Bonner is the founder and president of Agora Publishing, one of the world's most successful consumer newsletter companies. Owner of both Fleet Street Publications and MoneyWeek magazine in the UK, he is also author of the free daily e-mail The Daily Reckoning.
Comment by christina on 23 August 2008:
Good luck at your party Mr Editor, have a drink for us too!