Food Prices High Through 2010
Usually the White House does what it can to hide bad news. It is rule of politics never to admit troubling information. Hurts the party and national morale. Odd then, that the Administration is owning up to the idea that…
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Usually the White House does what it can to hide bad news. It is rule of politics never to admit troubling information. Hurts the party and national morale.
Odd then, that the Administration is owning up to the idea that food prices could stay high for a long time.
According to Reuters "High global food prices are likely to linger for two to three years while the world replenishes food stocks, senior White House officials said."
Much of the blame is going to the use of corn for biofuels instead of food. That part of the logic may be true.
But, the White House still hates to give out awful news, so it is wise to take what is said and double it. That would translate to food prices rising sharply for four to six years.
Douglas A. McIntyre
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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.
