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  • The Oil Shortage, and Other Fairy Tales
    Once again the naive, late to the party, small investor is going to take it in the shorts. S&L debacle, junk bonds, dot com bubble, housing bust and now oil. In America, oil prices are shooting up in no small part due to the dollars incessant free fall (blame whoever you want), but I suspect it's Wall Streets reprehensible greed, that's really fueling the fire. Once again were seeing the vacuous talking heads being played flawlessly by the Street. The news is awash with supply & demand side disinformation. Try to find an "analyst" downgrading oil. Is anyone questioning oils recent run-up in relation to the market axiom; "excess profits lead to ruinous competition"?
    Or are the "oil experts" (most holding significant positions), simply revealing the presence of a startling new market paradigm "Peak Oil"?

    While many bemoan the environmental restraints put on domestic drilling, is there anyone who'd question the fact that every other nation in the world is busy turning their closet upside down, in a frantic search for new fossil fuels?

    We continue to live in the US of Amnesia. During the Tech Bubble. every pig was sure to fly, every new issue a winner, every analyst a buyer. IRA's, 401ks...fuel for the fire. What about housing, "can't go down", "every hard working American should own their own home". Don't think that the Street's securitization of home loans propelled the proliferation of substandard paper and ensuing prices? Bundled, graded and peddled worldwide as "AAA" paper, thank you!
    May 22 11:51 am |Rating: 0 0 |Link to Comment |View article

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