Comments on: Leap Day Loser: Stocks Plummet
Dow Drops 315 Points As Investors React To More Bad Economic News
Add a Comment See all 169 Comments
- killtheliars said, "We need to start using shale oil..."
---
Oil industry boosters always can be counted upon to comment, "But there''s always oil out there, if you''re willing to pay for it!" In this case, above poster offers only another way to pay more for oil, not to mention another way to plunder the West like coal companies strip-mined Appalachia.
The difficulty with any scarce commodity like oil is it rapidly loses commodity. People cannot afford to use oil to run their machines and transportation. The larcenous price of oil is more than a market "fever", it becomes a powerful detriment to economic recovery and growth. All to say, price gouging is more than bad market behavior-- it can kill an economy.
(See next, "Oil Price Gouging"-- 2) - Reply to this comment
- Oil Price Gouging-- 2
Despite deepening recession, the Big Oil lobby displays utter lack of patriotic concern as its relentless price gouging pushes the economy further into distress. Despite getting the huge tax breaks it wanted from congress, it happily gouges the American public exactly when we least can afford it. Not that its older prices were less of a gouge-- Exxon reported $40.6 billion in profits in 2007! Chevron gouged over $18 billion.
While his Big Oil buddies are busy with their fraternity party at consumer expense, Bush would never admit something like a recession happened on his watch-- or that his friends made it worse. To Bush, all the millions of consumer home foreclosures are simply a "market adjustment", and the economy is only "down".
Bush made matters worse with his lack of a rational fiscal policy. Like any credit card debtor in desperate straits, Bush borrows to fend off his creditors. Essentially, Bush has borrowed America into debtor nation status and near-insolvency. Heckuva Job, Bush! - Reply to this comment
- Actually the stock market is tanking because of the Fed promise to cut rates even more. That makes the "global investor" assume that US assets will lose value as the dollar drops. Thus the voodoo of the past is not working. These guys cannot seem to grasp the new fundamentals of globalization. They do the same old routines from 1940, and the economy is nothing like 1940. The fundamental relationship of interest rates and stimulus packages to economic growth have changed. But the ignorant, paralyzed american leaderhip keeps pushing the "up" button even though its now a "down" button. The elevator goes down, so they push it again. It goes down faster, so they push it harder.
We need to completely replace our leadership with new people. - Reply to this comment
- What? Stocks are tumbling? Gas is reaching toward $4 a gallon? Most ''mericans aren''t filthy rich thanks to old family money? Huh. I wasn''t aware of that.
- Reply to this comment
- If you''re looking for someone to blame for the mess we find our country in presently, look no further than your bathroom mirror, at that idiot staring back at you and ask yourselves, how could I be so stupid to vote for this moron? Will we ever learn?
- Reply to this comment
- Three words: Economic Stimulus Package. Don''''t worry about it, people!
--------------------------------------------------------------------------------
Posted by denn034 at 04:37 PM : Feb 29, 2008
Three words! Incompetent George Bush! This JERK was handed a government running on a balanced budget and having a surplus. He was TOLD not to do what he did, he did it anyway, and now we can add ONE more lie to the MOUNTAIN of lies he''s told us. Most DISHONEST man on this PLANET!! - Reply to this comment
- Now don''t you worry folks, that money is going to trickle down to you real real soon... Trust the Republican''s.... I know they''ve promised it to you time after time for 30 years and I know you''ve never seen it yet but Trust them. After all look at all they did for you the 6 years they were in power. How could you ask ANY congress to BORROW more than they did? Problem is they''ve NEVER balanced a Budget, NEVER saw a Surplus... well except for the Balanced Budget and Surplus Bill Clinton handed them that is. Who in their right mind votes to continue this insanity??
- Reply to this comment
- Junior says we''re not heading into a recession. He also says the surge is working, and that sending people a check will fix the economy.
- Reply to this comment
- Three words: Economic Stimulus Package. Don''t worry about it, people!
- Reply to this comment
