The fire which gutted Rome in 64 A.D. could not possibly have been Nero's doing; at the time it broke out, Nero was at his villa in Antium 30 mi. away. Besides, the violin wasn't even invented until the 16th century, although in some versions of the tale Nero plays a lute or lyre.
We seem to enjoy, however, the glamor of the VP nominations and the TV nonsense associated with it.
Incomes, meanwhile, dropped 0.7 percent, the first decrease since August 2005, reflecting the end of the rebates, after a 0.1 percent gain the prior month. Adjusted for inflation, spending plunged 0.4 percent, the biggest drop in four years.
Price-adjusted purchases of durable goods, such as autos, furniture, and other long-lasting items, dropped 1.6 percent. Spending on non-durable goods decreased 0.9 percent, and services, which account for almost 60 percent of all outlays, were unchanged.
Rising unemployment, falling stock and house prices and stricter lending rules ``were viewed as pointing towards weak growth in personal consumption expenditures during the second half of 2008,'' minutes of the Fed's Aug. 5 meeting released this week showed.
Is the country and our leaders aware that Rome is burning?
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George Dagnino, PhD
Editor, The Peter Dag Portfolio
Since 1977
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