Oil Hits Record At $139.12/Barrel
Posted by Noah Rosenblatt on June 6, 2008 at 4.21 PM
A: Remember that Naked Gun scene where Leslie Nielson says, "...Alright, Move On, Nothing To See Here, Please Disperse! Nothing To See Here...!". Does anyone else get this feeling? HOLY S%#T!! But don't worry, inflation is expected to moderate as the economy slows, so please, move on, there is nothing to see here!
Comments (7)
WOW! Today really hurt - while I'm stil feeling good about holding my job, it's not as good as it was six months ago - and I'm holding onto my money just in case. I think that light at the end of the tunnel is a train!
Posted by October | June 6, 2008 5:02 PM
October - I hear you. Hopefully all will be well through this cycle for you and many others out there! This is one side effect of policy to save the credit markets, wall st, and the economy that we will have to deal with. The fed made it clear that growth is #1 at the expense of inflation/price stability, a while ago.
Posted by Noah | June 6, 2008 5:20 PM
Thought I would provide you with a link (if you haven't already seen it):
http://georgewashington2.blogspot.com/2008/06/derivatives-market-is-unwinding.html
"This is one side effect of policy to save the credit markets, wall st, and the economy that we will have to deal with."
Should read: This is one side effect of policy to save bankers and financiers that we have to deal with.
Posted by Jose | June 6, 2008 5:55 PM
Jose - did you read my piece on this topic April 6th, referring to an article that discussed the topic that I thoroughly enjoyed:
CDS & Bear Stearns
http://www.urbandigs.com/2008/04/derivatives_tail_wagging_the_f.html
Posted by Noah | June 6, 2008 5:58 PM
Yes, though only had the time to skim then. An enlightening article you link to in that post.
Personally, I just don't see how any of this cannibalistic shark-feeding is at all healthy.
These guys are out of control.
Posted by Jose | June 6, 2008 9:45 PM
LOL. That scene is a great analogy for the inflation story that is being played out at the moment.
Posted by Portland Agent | June 10, 2008 2:15 AM
Oh common, why being so negative? US are still the richest country in the world. And about petrol prices - take a look around, in Europe gallon is for about $8 and they are still living and driving :)
Jay
Posted by Vancouver realtor | June 12, 2008 4:49 PM