Oil Hits Record Highs

Economy Comments (1)

Sometimes you have to really laugh, for fear of crying. Oil hit $108 a barrel, and that is no typo. Still, you gotta love the morons that control the world economy, as they claim it is due really to the economy not being as bad as many think or have forecast. Like what planet are these Idiots living on?

The strong sales report suggested to oil traders that the struggling economy may be doing better than thought. (source)

Let me see if I have this right, foreclosures are running at record highs, credit card debt is at record highs, car repossessions are at record levels, and these morons think that somehow the faltering economy is not as bad as being predicted?

It is like the One Month Freeze on foreclosures that Banks are touting as a major aid for struggling home owners. Yeah right, like let me see, millions of homes are mortgaged beyond their value, workers are losing jobs to so called free trade, and a one month freeze on taking away their home is going to ease things how? What is really needed is a total and complete FREEZE, and a ROLLBACK to realistic interest rates and payments.

In the meantime, gas rises at the pump, and the ripple effect will increase the cost of living beyond just having a weak dollar. Food prices will rise, just as jobs continue to decline, as real paying work becomes scarcer and scarcer. Of course the Corporate Big Shots that caused all this, will continue to reap million dollar bonuses, as profits zoom, but not from increased sales, but from cheaper goods being imported. All at the expense of not just consumer safety, but at the expense of industrial jobs, of manufacturing jobs, and all other sorts of jobs.

You know, the jobs Americans / Canadians won’t do, hence the need for cheap foreign labor.

“By gobbling up everything in sight, (investors) are pushing food and fuel prices to ruinously high levels,” said Peter Beutel, president of the energy risk management firm Cameron Hanover, in a research note. (source)

It isn’t like the demand has jumped either. To begin with, it is about fear, something George Bush is adept at instilling in those who oppose him. Hilary Clinton is another good teacher on how to make fear work for them, at the cost of Economic Stability. It is also what has everyone running around with their heads chopped off. Fear of war with Venezuela & Columbia, a bi product of George Bush’s foreign policy successes.  You know, the policy of just ignoring everywhere but Iraq.

Investors are buying and hoarding, in an effort to hedge their bets, due to the weakened American Economy. One brought about by 8 years of Free Trade that is anything but Free. Yet not one single front runner for President has a clue on how to deal with it. Hilary Clinton who supported NAFTA, and does still, depending on who she is talking to, and John McCain who says he’s not all that good on Economic Stuff, to Obama that has made some interesting speeches, but has yet to really unveil any economic plan.

Only candidate that had a plan was forced out, because he was basically ignored by the Media, who prefer the ratings from a Hilary / Obama duel. Much better to have race and gender as issues, than trade, than keeping jobs, than developing sound foreign policy. But hey, that is the media, doing what its advertisers expect.

Ian @ March 11, 2008