Do you remember lining up a long chain of dominos and then giving the first one a push?
Get out of stocks.
One can already see the devastating impact of crashing oil prices in Texas. Home sales are leveling off, people being laid off and there is little hope for a fast recovery in oil prices.
America needs oil to be back at $100 to $120 a barrel and gas prices to be back at $3.50 a gallon.
Any negative economic news after this point is the fault of “big oil”. And it must be stopped, maybe even nationalized? For the good of the 99%, of course.
What a coincidence. Millions of MC-Jobs isn’t causing enough vehicles to roll off the new car lots.
Only those that are of the Exempt Ones, will be permitted limited new luxury SUVs.
I'm normally a stridently free market kinda guy, but I also believe their are certain commodities and products that we MUST produce domestically in order to thrive...even survive...as a sovereign country.
Oil, food, ships, aircraft, all armaments...they all fit in the Minimum Essential category.
That's why we need to guarantee the price of Domestic Crude at $75 and Guarantee Tariff of Imported Crude to price it at $90.
These could be adjusted over time by the Congress, but we MUST PROTECT THIS STRATEGIC INDUSTRY IN THE INTERESTS OF NATIONAL SECURITY, Mises and Adam Smith be damned.
Why didn’t the oil companies simply hold the price at $4.00 per gallon? Their profits would have been THROUGH THE ROOF.
Instead, they’re playing some kind of game with us and making themselves look broke.