The Oil Spill Is Doing Bad Things to Our Economy

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Photo: Joe Raedle/Getty Images

"Thousands of small and independent businesses as well as larger public companies in tourism are hurt here. This is not just about the source of half the nation’s shrimp. That is already a casualty. It’s also about the bank loans for the $200,000 shrimp boat and the house the boat owner and/or his employees live in and the fact that this shock piles on a fragile financial system that is trying to recover from a three-year financial crisis. Case study, my fishing guide in the Everglades splits his time between Florida and Louisiana. His May bookings in LA have cancelled [sic]. His colleagues lost theirs and their lodge will be empty. They are busy trying to find work in the clean up. For him, his wife and eleven year old daughter, his $600 a day guide fees just went 'poof' .... We expect to see the deterioration of the economic statistics for the US to reveal the onset of this oil-slick crisis in May, and the negative impact will intensify during the summer months. A 'double-dip' recession probably has been made more likely by this tragedy." —An analysis of the oil spill's economic fallout by David Kotok, chief investment officer of Cumberland Investors and a frequent commentator on CNBC . [Markk II Studios via Washington Independent]