Oil's seemingly relentless march higher this year raises the specter of higher inflation that would lead consumers to cut back their discretionary spending. It would also make the Federal Reserve less likely to keep lowering interest rates.
Light, sweet crude rose $1.95 to $119.43 at midday, having slipped back in the normal ebb and flow of trading. But it appeared inevitable that crude would pass $120 and keep rising.
Todays edition of USA Today, lead article of money section, states that the average nationwide price per gallon of $3.508 for regular unleaded, eclipsed the previous inflation adjusted average price record of $3.413 set in March 1981.
Bush will be remembered much along the same line as Carter for the damage that he has wrought on our economy.
Todays edition of USA Today, lead article of money section, states that the average nationwide price per gallon of $3.508 for regular unleaded, eclipsed the previous inflation adjusted average price record of $3.413 set in March 1981.
Bush will be remembered much along the same line as Carter for the damage that he has wrought on our economy.
Only by those who don't understand economics. MIddle class discretionary income is still higher now than it was when Bush took office. Carter can't say that. Clinton can't, either.
I think it is pretty clear that virtually every business that relies on the oil or gasoline or natural gas is playing in the hedge market. The gains made from hedging offset the actual cost paid and is the reason prices and inflation have not followed on the rocket tail of oil. Those that haven't, some airlines for example, are the ones in deep dodo right now. The businesses with big layoffs right now are primarily financials that bombed out with mortgages.
Honestly, I think much of the recession hype in the media is the cause of concern and influencing consumerism. Let this credit crunch play out and we should be okay. Canada has none of the issues we see here in the US yet the population relies on the same markets, except in banking and their banks have not been sucked into the US problem.
Canada has none of the issues we see here in the US
Canada is more socialist.
The only socialist aspect of Canada is the healthcare system and if you talk to anyone up there it's a nightmare, unless you buy a supplementary private insurance policy.
"The only socialist aspect of Canada is the healthcare system"
-Plus the education system, the law enforcement system, the national defence system, the infrastructure system...
"and if you talk to anyone up there it's a nightmare, unless you buy a supplementary private insurance policy."
-How does is compare to our system for people who don't buy private insurance?
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There's no such thing as a pretty good aligator wrestler.
In a more socialist country there is less need to own that house or get a bigger one because people value houses as an investment to have some money for stability. Also, other things like consumerism is largely a function of the capitalist propaganda to get whatever you want so that corporations can make a profit.
When we lived in Soviet Union my mother wouldn't even think of having her own house even though they could get one. "All that work around the house is too much" she used to say. Here she bought a house. Who could blame her when she had an apartment in Russia almost for free?
I bet fewer people would want a house if rents were 5 times less..
Oil hits $119 per barrel 
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