Has a US president ever appeared to be so weak, so useless, so unneeded, and so uninterested in a crisis as Bush does right now? I can't recall one.
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I still think my theory of the impact of rising oil prices is a good one. What popped the housing bubble? It was a bubble, sure, but it was popped by the oil bubble. From that came all the decline and lock-up of the credit markets, etc. The fundamentals of just living became significantly more expensive, and energy is the one place you can't cut back on -- you have to have so much gas a week, and so much food, and so much heat or A/C. You can't live without these. And so the difference came out of mortgage payments.
At least, it's worth mentioning.
3 comments:
The oil bubble popped.
The peak of the housing bubble was 3 years ago. I started rapid deflation a year ago. Can't blame that on oil. Blame it on greedy bastards who thought they could game the system forever.
I can remember Jimmy Carter and the hostage crisis in the middle of the energy crisis.
He was also lame, unnecessary, and impotent.
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