Henry Cate wrote:

Bush is an oil-man, and knows what he's talking about

quote of the year?

Henry Cate wrote:

...  Heck, Bush is an oil-man, and knows what he's talking about -- which is only common sense.........

Your claim might be reasonable but for the fact that George W Bush is a failed oil-man!

His own oil company (serially Arbusto, Bush Exploration Oil, and then Spectrum 7) was in trouble when it was bought out by Harken Energy Corp. Bush sold his Harken stocks just before the !st Gulf War, when Harken stocks lost 3/4 of their value. Bush neglected to file a required form with the Securities and Exchange Commission until eight months later. Harken also cooked its books when Bush was a Director in relation to its cash gain after selling its Aloha Petroleum subsidiary to insiders who used money borrowed from Harken. George Soros, one of the co-owners of Harken at the time, has said of GWB, "He was not much of a businessman."

Harken had strong ties to the bin Laden family, by the way.

Someone should be held accountable for the housing bubble.I blame Allen Greenspan for keeping interest rates too low for too long and creating the bubble with easy money.  Of course The Republican party should shoulder  some of the blame. When monkee brains(bush) became president ,the government was now in control by the republicans who want to deregulate everything they can.Where was the oversight of Fanniemae and the banks making irresponsible loans,knowing full well they would not be paid back?.Unbelievable leverage being used.ooops,time to bail out the banks with taxpayer money,keep the dollar printing presses going 24 hours a day.    Many foreigners are taking advantage of the weak dollar here in the states,buying up properties left and right.

Henry Cate wrote:

markie1 wrote:

Well i can tell you in the Uk now we are paying any thing up to 95 BAHT A  LITRE, THATS NEARLY 400 bAHT A GALLON.iTS SHOCKING.
LOLL

And it MIGHT just give you some second thoughts about "our friends the Saudis."

Just got back from the UK - and in the North-West, where my mother lives, it is £1.19 a litre!!

While we've been having fun arguing about weather we're in a Recession or not, oil has taken a big hit and is now under $130 a barrell.

rocket wrote:

Someone should be held accountable for the housing bubble.I blame Allen Greenspan for keeping interest rates too low for too long and creating the bubble with easy money.  Of course The Republican party should shoulder  some of the blame. When monkee brains(bush) became president ,the government was now in control by the republicans who want to deregulate everything they can.Where was the oversight of Fanniemae and the banks making irresponsible loans,knowing full well they would not be paid back?.Unbelievable leverage being used.ooops,time to bail out the banks with taxpayer money,keep the dollar printing presses going 24 hours a day.    Many foreigners are taking advantage of the weak dollar here in the states,buying up properties left and right.

********************************************************************
The politician slime balls in DC can partly take the blame.
This article was posted on Yahoo yesterday: (and we Americans think we don' have corruption?)

Fannie, Freddie spent $200M to buy influence
Lisa LererWed Jul 16, 5:44 AM ET

If you want to know how Fannie Mae and Freddie Mac have survived scandal and crisis, consider this:-
 Over the past decade, they have spent nearly $200 million on lobbying and campaign contributions.

kenc wrote:

While we've been having fun arguing about weather we're in a Recession or not, oil has taken a big hit and is now under $130 a barrell.

Quote:

BBC News: “A mood of fear and pessimism is starting to descend on Europe. It now seems the region could head into recession even before the United States.”

More here: http://blogs.dailymail.com/donsurber/2008/07/17/ive-got-your-recession-right-here/

Two more opinions: (a) I don't want a recession. (b) I find it somewhat odd that schadenfreude is leading some otherwise smart people to hope for a recession in America.  We have seen, time and again, that such a thing leads to a global slowdown.

Henry Cate wrote:

....Two more opinions: (a) I don't want a recession. (b) I find it somewhat odd that schadenfreude is leading some otherwise smart people to hope for a recession in America.  We have seen, time and again, that such a thing leads to a global slowdown.

Oh no no no.  My comments shouldn't be interpreted as my whishing for a recession.  Im trying to point out that we are in a recession (in spite of some Pollyannas that think everything is hunky-dory) and what effect this is going to have on oil prices.

I'm not saying the sky is falling.  I'm trying to point out it's already felled down and there's huge chunks of blue crystal lying all over the ground.

And yes, when America sneezes the rest of the world catches cold.

Now ponder a moment what that scenario means for the prices of Oil, Gold and industrial commodities like nickel and copper.
Ponder also what it means for the economies of major exporters to America like....well, China.

Of course if Henry and Georgie Bushie are right and America is just skirting a downturn and everything will soon be back to normal and business will boom again soon, well think what that scenario will do to the prices of the above.

Ok Ladies and Gentlemen.  Red or Black?  Place your bets, the wheel is spinning.......

Average US price is $4.11 and headed down it seems,

Wes