Bush to lift executive ban on offshore drilling
posted at 11:16 am on July 14, 2008 by Allahpundit
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There are two prohibitions on offshore drilling, one imposed by Congress and another by executive order signed by former President Bush in 1990. The current president, trying to ease market tensions and boost supply, called last month for Congress to lift its prohibition before he did so himself.
But [WH spokesman Dana] Perino said Bush no longer wants to wait. She pinned blame on the leaders of the Democratic Congress, noting that no action has been taken on this issue…
Bush says offshore drilling could yield up to 18 billion barrels of oil over time, although it would take years for production to start.
Why didn’t he take MM’s advice and do this weeks ago? This is one of the few gimmes McCain has right now; putting the ball in the Democrats’ court forces them to defend an unpopular position. By waiting so long, though, Bush has timed this so that it’s going to get eaten up by Obama’s trip to Europe and Iraq next week, when foreign policy will be front and center. I don’t get it.
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Finally!
Troy Rasmussen on July 14, 2008 at 11:18 AM
In other news…welcome back Allah!
Sarjex on July 14, 2008 at 11:18 AM
Slow down Dubya! Don’t rush or anything!
JeffreyLloyd on July 14, 2008 at 11:19 AM
Seems to be THE question regarding the entire Bush adminsration.
RobertInAustin on July 14, 2008 at 11:19 AM
Oh and welcome back AP. Nice to see ya buddy!
JeffreyLloyd on July 14, 2008 at 11:20 AM
A Republican doing something sensible? GTFO!
Also, welcome back
KotterAllah.doubleplusundead on July 14, 2008 at 11:21 AM
Well, it is an issue that Obama could be asked about by reporters while he’s travelling. He doesn’t exactly need another sound bite of his “Uh, drilling is, uh, well, it won’t help, um, the immediate problem, uh. He will be stumbling enough without his teleprompter on his position(s) on withdrawing from Iraq, unless he has canned answers memorized.
Wethal on July 14, 2008 at 11:21 AM
NOW is the time to talk jobs and the economy!
McCain should ask the question “How many Americans want a blue collar jobs boom? If you’re one, then you should support increased domestic drilling. Or you can sacrifice prosperity to the eco-Marxists of the Democrat party that don’t want you to work unless it’s at McDonald’s.”
Run with it Johnny, run with it!
DerKrieger on July 14, 2008 at 11:22 AM
Allah!! Sorry, man, I didn’t realize you were back! Ed has been doing a bang up job while you were away. Hope your vacation went well.
Troy Rasmussen on July 14, 2008 at 11:22 AM
“Why didn’t he take MM’s advice and do this weeks ago?”
Perhaps the hope is to hijack any foreign policy message by, to use your words, “putting the ball in the Democrats’ court” and forcing “them to defend an unpopular position.”
Smiles on July 14, 2008 at 11:23 AM
Nothing will “eat” up the high cost of fuel. This is a top issue, it will force Obama to defend it on an international level.
He will have to tell the other countries that we are “special” we don’t have to drill or use our resources. We just buy what we need.
Meanwhile, back at home, the Dems have to deal with us.
right2bright on July 14, 2008 at 11:24 AM
too little, WAY too late
right4life on July 14, 2008 at 11:24 AM
What do the democrats mean we already have enough places to drill?
tomas on July 14, 2008 at 11:24 AM
This is a win-win. When the Democrats oppose this, and gasoline prices continue to rise (which they WILL), it will SINK them. People vote their pocket books more than anything else.
My collie says:
CyberCipher on July 14, 2008 at 11:26 AM
Me think’s W knew the Democrat leadership would spitefully defend its indefensible position on energy matters. The Pelosi “hoax” comment along with Reids “sick” speech were well worth the wait and clearly show how clueless the Democrats really are.
dmann on July 14, 2008 at 11:27 AM
How so? Seems to me a good time to turn up the heat on the Dems. The public is pretty PO’d right now and now they will only have one place to focus their anger. The Socialists in Congress.
DerKrieger on July 14, 2008 at 11:27 AM
Just this move may ease the price of a barrel of oil.
Supply and demand. Bush is making threats that future supplies will go up.
WoosterOh on July 14, 2008 at 11:28 AM
Welcome back, AP! Ed’s been doing a fantastic job in your absence, but it’s just not the same without you.
aero on July 14, 2008 at 11:28 AM
Winston Churchill
BowHuntingTexas on July 14, 2008 at 11:30 AM
That would be awesome if it happened. Then there is NO way the Dems can deny the argument that a commitment to drilling will immediately reduce prices. They can try but the people will see it and not let them get away with it.
DerKrieger on July 14, 2008 at 11:30 AM
This change may not have had any effect until recently. Timing is everything in politics. It’s only recently that the public has changed it’s mind. And the public doesn’t have a Green Mafia to deal with, as congressional Democrats do. It took $4.25 gas to get the public’s attention on the subject of drilling.
RBMN on July 14, 2008 at 11:30 AM
McCain don’t want it. He would rather stick with his hispanic reach & join Obama in attacking that useless cover of Mr & Mrs. Obama.
McCain never criticized those insulted W & Rice that Michelle exposed.
SHAME.
Anita on July 14, 2008 at 11:31 AM
More likely, I think, is that Bush doesn’t want to overshadow Obama and thus unfairly influence the election.
I still love the guy, but doesn’t that sound like just the kind of wrong-headed “new tone” reasoning he’d use for something like this?
Kensington on July 14, 2008 at 11:31 AM
Emailed my Congressman and Senators
Dr.Cwac.Cwac on July 14, 2008 at 11:31 AM
The thing I don’t get is how the politicians think they can control the ’speculators’ when it is a global market. Sure they can control the American speculators. But the Arabs, Europeans, and Asians won’t have to worry about any law that Congress or the American president might put in place.
ThackerAgency on July 14, 2008 at 11:32 AM
Yeah. I’m hesitant to use the “speculators” boogyman, but speculation is part of what’s driving prices up. THe fact that a mere threat (like you said) of us drilling to amp up production and increase supply should get the speculation back under control.
crazy_legs on July 14, 2008 at 11:32 AM
It still holds true…
It’s the economy stupid…
right2bright on July 14, 2008 at 11:32 AM
Allahpundit is in the house!
amerpundit on July 14, 2008 at 11:32 AM
Sounds like perhaps Bush wanted to “reach out” again and try to lift both bans simultaneously so that it looks like a bipartisan effort and all that across-the-aisle stupidity Bush seems to like so much. He was waiting for them, when he should have known they weren’t going to lift a finger on this issue. He should have just gone ahead and done what he knew was right from the beginning, making them look like the obstructionist a**holes they are.
aero on July 14, 2008 at 11:34 AM
Welcome Back, Allah!
btw..I just called Speaker Pelosi and encouraged her to convince the Democratic Congress to lift their ban also! I wonder if she listens to her comment-line? hmm…
becki51758 on July 14, 2008 at 11:35 AM
OTOH, the Saudis and OPEC may make a countermove and screw their production down just enough to offset any decrease in price due to the Bush vs speculator move.
a capella on July 14, 2008 at 11:37 AM
McCain distanced himself by saying the president doesn’t speak for me.
tomas on July 14, 2008 at 11:37 AM
That’s my guess, too, and in a way, it’s a testament to the man’s character and priciples. He truly thinks the country is better off when things are bi-partisan and is willing to prioritize that over his own party.
I think it’s naive and unreasonable given the craven nature of the modern Democrat Party, but, just as we craved that kind of integrity during the Clenis years, I think we’ll miss it sorely during the next administration, whoever wins the election.
Kensington on July 14, 2008 at 11:37 AM
Hey, it happened so let the political winds blow this one around a bit before declaring it DOA. The GOP and Bush have made some moves, now lets see the libs try to spin it away and explain why they are opposed.
If its true that all politics are local, individual congressmen and senators are going to need to explain to their constituents why they do or do not support more drilling. The supposed DFL 2008 tidal wave is starting to look like a pond ripple.
Bishop on July 14, 2008 at 11:37 AM
The only problem I see with this is, if it actually prompts Congress to follow suit, it takes a prime issue off the table for McCain. Energy and gas prices are at this moment his winning issues since he’s proposing solutions while Obama plays the no-plans obstructionist game. I guess McCain could switch to championing nuclear power if drilling gets mostly taken off the table before November. But nuclear doesn’t feel as urgent to the average Joe as filling up his tank every week does.
aero on July 14, 2008 at 11:38 AM
AP,
It’s perfect timing. While BO traverses the planet, Bush takes care of the homeland.
It guarantees a BO deer in headlights moment waiting to happen.
swami on July 14, 2008 at 11:39 AM
Troll. Not even a funny one at that.
wise_man on July 14, 2008 at 11:39 AM
If there’s more domestic supply, there’s less international demand for us. That drives our prices down, but may keep the international markets high.
If, for example, China and India keep consuming Middle Eastern oil, the effect will be on their prices. If we are completely off of Middle Eastern oil and are 100% domestic, how much China and India use won’t affect us either way.
I know it’s more complicated than that, but essentially that’s it in a nutshell.
crazy_legs on July 14, 2008 at 11:40 AM
Has McCain resigned from Congress?
Anita on July 14, 2008 at 11:41 AM
I say good! This is simply too critical a situation to waste time over-politicizing it. Even if it means Obama wins, we need to be drilling YESTERDAY!
Kensington on July 14, 2008 at 11:41 AM
This going to be fun to watch in the next couple of weeks, isn’t it?
Welcome home, AP. I hope your holiday was refreshing.
Bob's Kid on July 14, 2008 at 11:41 AM
I still don’t see the big deal. Yes, Obama would probably have not lifted it himself, so this is one step out of the way. However, it’s the small step. Congress doesn’t give a crap what the country thinks because they know the country hates their friggin’ guts, so why would they possibly go along with Bush on something? Spiteful Harry won’t let it happen.
MadisonConservative on July 14, 2008 at 11:41 AM
I thought it was funny, and my guess they are not a troll, just mocking how McCain seems to pander to the left and distance himself from anything the right does.
WoosterOh on July 14, 2008 at 11:43 AM
missed timing….can be the phrase summed up for the entire Bush presidentacy
unseen on July 14, 2008 at 11:45 AM
Yep. the pain is immediate and constant. I just talked to my farmer neighbor about the ethanol boonddoggle,..of course he isn’t willing to concede yet that the whole thing is a scam and won’t last. However, he said if ethanol does collapse, corn prices return to $3.00/bushel and energy/fuel prices don’t go down at a commensurate rate, a big portion of the agriculture industry will go bankrupt, and then you will really see high food prices.
a capella on July 14, 2008 at 11:45 AM
That would be a neat trick, since he’s a senator.
wise_man on July 14, 2008 at 11:46 AM
Kensington on July 14, 2008 at 11:41 AM
I agree and if the repubs show they put the country first over politics it may actually get them votes.
If the dems destroy the economy for the sole purpose of winning in NOV it may backfire on them badly
unseen on July 14, 2008 at 11:47 AM
If you saw every McCain ad & heard everything the McCain campaign is saying everywhere, & if the campaign wasn’t just barely taking off, you could criticize McCain for not saying what you want him to say.
Some conservatives just luv to slam folk.
jgapinoy on July 14, 2008 at 11:49 AM
Yeah, couple of trillion tax-cuts, couple of Supreme Court Judges, freeing Couple of Countries from tyranny, disarming Libya & N.K - missing indeed!
Anita on July 14, 2008 at 11:49 AM
The Senate is a part of the Congress.
jgapinoy on July 14, 2008 at 11:49 AM
What they mean to say is that they are clueless as to the realities of oil exploration. They seem to think that land is land, and any patch of land has equal potential for commercial production. Which is like saying that any location in town is as good as any other for a retail store or restuarant.
iurockhead on July 14, 2008 at 11:50 AM
Unless oil price plummets, markets correct, and good news at home (and abroad) corrodes Obama’s credibility.
Terp Mole on July 14, 2008 at 11:51 AM
If Congress caves and lifts the ban on offshore drilling before the election, the media won’t give McCain credit for bringing that about. They’ll credit the “Democrat-led Congress” in general, and it will look like Democrats, including Obama, took a major step to solve the problem. The media will not mention that Democrats in Congress CREATED the problem in the first place. Nor will they mention it if McCain’s stance turns out to be pivotal in the decision.
aero on July 14, 2008 at 11:51 AM
Too little, too late. GWB looks “good” — for doing something he should have done in 2001 — and Congress, knowing the average person will vote in the same old ways no matter what, does nothing.
Big talk, no action: the Bush presidency summed up in four words.
MrScribbler on July 14, 2008 at 11:52 AM
About damn time.
thirteen28 on July 14, 2008 at 11:53 AM
High gas prices are on everyone’s minds. This will make news in spite of the Messiah’s overseas trip.
gmoonster on July 14, 2008 at 11:53 AM
From John Boehner’s webpage.
Wethal on July 14, 2008 at 11:53 AM
Credit McCain? I thought previous ANWR vote fell short of one vote and McCain opposed it until now.
Anita on July 14, 2008 at 11:55 AM
Alleluia. Bush might close out finally doing something right!
byteshredder on July 14, 2008 at 11:56 AM
he’s had years to turn up the heat on the dems, no one cares what he does anymore.
right4life on July 14, 2008 at 11:57 AM
It depends on whether they understand that high gas prices are more likely to help McCain than Obama. I’m pretty sure the Saudis would rather have Obama since he facilitates their choke-hold on our oil supply. I don’t know if they realize that if gas prices go low, it may calm our masses enough that they will blindly vote en masse for the guy who not only offers no solutions on energy supplies, but even went so far as to say he thinks high gas prices are good. The Saudis want our voters NOT thinking about gas prices when they vote, I think.
aero on July 14, 2008 at 11:58 AM
Expect to hear from Greenpeace any day now.
pilamaye on July 14, 2008 at 12:00 PM
We gotta drill to avoid this from happening:
http://i85.photobucket.com/albums/k77/tundra_cool/missilies.jpg
Vincenzo on July 14, 2008 at 12:00 PM
bush is a major failure. he’s the face of the new moderate republican party, as is mcqueeg.
right4life on July 14, 2008 at 12:01 PM
I’m assuming that McCain will take the side of drilling now, if and when Reid allows this issue to come up for discussion in the Senate. I know McCain has been part of the problem up until now, and he’s still stupidly equating ANWR with the Grand Canyon, but it looks as if he’s “seen the light” and will begin arguing for increasing supplies via offshore drilling. He will argue passionately to lift the Congressional ban because he knows he will not win the presidency if he doesn’t. But he will not get credit if it happens.
aero on July 14, 2008 at 12:03 PM
Welcome home, Allahpundit. Evidently, no jet lag as you’re right on point.
As per Bush and timing, well, it has never been his forte. Considering that once he makes up his mind, there’s no changing it, maybe we should let him think hard so at least he gets it right. Regarding Bush’s legacy, when given the right spokesperson (Tony Snow, RIP, debate) and the right counsel (Thank God for Petraeus, MidEast strategy and tactics), Bush’s flaws get pre-empted vicariously as THEY project the image of Hermes Logios, the divine symbol of eloquence, on Dubya’s behalf.
The trick for McCain will be the same–to get those who know SOLUTION to speak for him, at least via tutorials off stage. Choose friends wisely, GW and John; drill and refine! Don’t relegate a monopoly on “refining” phraseology to the Obamarx.
America the Beautiful!
It would seem that East met West for this national hymn.
BTW, The words are by Katharine Lee Bates, an English professor at Wellesley College. In 1893, Bates had taken a train trip to Colorado Springs, Colorado, to teach a short summer school session at Colorado College, and several of the sights on her trip found their way into her poem. The Hymn tune composed in 1882 by Samuel A. Ward, was generally considered the best music as early as 1910 and is still the popular tune today. Ward had been similarly inspired. The tune came to him while he was on a ferryboat trip from Coney Island back to his home in New York City after a leisurely summer day, and he immediately wrote it down.–Wikipedia.
maverick muse on July 14, 2008 at 12:04 PM
Wait until McCain is coming to restore it to Conservatives.
Anita on July 14, 2008 at 12:04 PM
If Bush and McCain play their cards right, Obama will look like an out-of-touch, arrogant jerk, going off to do stupid photo-ops in Europe while the U.S financial system teeters on the brink of collapse. Most Americans really don’t care if their president is a rock star in Germany if they can’t pay their bills. Just ask George H.W. Bush.
rockmom on July 14, 2008 at 12:04 PM
If that happens, atleast he will get credit from Conservatives who are not enthused as of now.
Anita on July 14, 2008 at 12:08 PM
I do’t think ANWR is offshore. I think it would be inland- you know, in the caribou mating grounds.
Wethal on July 14, 2008 at 12:13 PM
The only reason speculators are able to drive the price up, is because people believe (with good reason), that the price will go up even more later.
The speculators buy now, with hopes that they can sell back later, at a higher price. This does push the price up now, but it will result in a smaller increase later, as the speculators sell back what they bought. The result is that speculators smooth out price fluctuations.
MarkTheGreat on July 14, 2008 at 12:14 PM
.
I disagree to a certain extent. Fairly or not, what Bush does from now until November will be seen or portrayed as a vision of McCain, since the MSM wants to pigeonhole McCain as the 3rd term of Bush. Anything that makes a ‘Bush 3rd term’ look better, or makes Obama look like a second term of Carter will help McCain. I don’t like leaving problems unsolved in order to gain political traction, and I believe many voters think the same.
Think_b4_speaking on July 14, 2008 at 12:16 PM
Even with this pressure, I can’t see the Democrats making any more than token gestures towards more drilling. The nutroots just won’t stand for it.
When these moves result in a drop in prices, McCain will then have an opening to go in and demand even more drilling, to reduce prices even more. The Democrats will no longer be able to declare that such moves will have no impact on prices.
MarkTheGreat on July 14, 2008 at 12:17 PM
It’s a start. Rep. Peter King from New York was on Fox over the weekend and gave out Pelosi’s phone number(202)-225-0100, and asked the people to tell her to stop lying about more drilling being a hoax. I’m not encouraging anyone to call her, but there it is…I’m sure she’d love to hear from everybody….
adamsmith on July 14, 2008 at 12:17 PM
We shall see. We still have that sticky problem of a falling dollar.
pullingmyhairout on July 14, 2008 at 12:18 PM
crazy_legs,
The only thing that matters is world wide supply, and world wide demand. It doesn’t matter how much we drill, Chinese and Indian demand will increase our prices. Even if the US were to produce enough to be self-sufficient, if world wide demand increases, then there will be pressure to sell US pumped supplies over seas. This will increase the price paid by US buyers, in order to keep the sales local. The only way to stop this would be to forbid US producers from selling internationally, and then having congress set the price. And I don’t believe anyone on this forum is dumb enough to think that is a good idea.
MarkTheGreat on July 14, 2008 at 12:24 PM
It’s perfectly timed. As Obama’s numbers are dropping, this is going to be a “kick him when he’s down” moment. Add to that McCain announcing Romney as his VP in a week or two and it will be a knockout punch prior to the convention.
Texas Rainmaker on July 14, 2008 at 12:25 PM
Oh, don’t get me wrong. I’m not in favor of leaving the problem unsolved any longer than it has to be - we’ve waited far, far, faaaar too long as it is. It’s past time to do something proactive. I was merely making a philosophical political observation. I see energy/gas prices as McCain’s best (perhaps only) chance to win in November. Suddenly doing something to solve the problem right before the election would be the equivalent of the Dems pulling the rug out from under McCain by taking his main issue away from him.
Despite all that, I still want Congress to lift the ban as soon as humanly possible. If McCain can’t find another issue to run on, I guess he’s not worthy of the presidency, now is he?
aero on July 14, 2008 at 12:26 PM
a capella on July 14, 2008 at 11:45 AM
Yes a few farmers may go under, but just enough so that prices will rise to the point where no more farmers are going under.
Since farmers are making a living at current prices, this presents an upward ceiling for prices. In all likelihood, the new price will wind up being between pre-oil crisis and now. Most likely a lot closer to the pre-oil crisis levels.
MarkTheGreat on July 14, 2008 at 12:29 PM
He wanted you to come back from vacation first. I trust it went well.
steveegg on July 14, 2008 at 12:29 PM
True. But Chinese and Indian fuel (along with much of the developing world) is highly subsidized. At some point, these governments will no longer be able to afford to subsidize fuel. When they stop, the prices in these developing countries will go up and demand will fall.
Don’t count on this happening anytime soon, however. Cheap gas fuels economic growth in the developing world.
pullingmyhairout on July 14, 2008 at 12:36 PM
President Bush did make a speech a few weeks ago asking Congress to lift the ban on offshore drilling before the Fourth of July recess, which the Dem majority refused to do.
By lifting the Executive ban now (undoing the work of his own father, by the way) he places the blame for high gasoline prices squarely on Congress.
Gasoline prices are usually highest through the summer, when people drive further on vacation than they do commuting to work, and if members of Congress are on vacation, they might be hearing complaints in their districts or states about high gas prices, and what are they going to do about it, and now no one can blame President Bush–he did his part.
McCain should be pushing this hard, not only against Obama, but also against Democrats in general, but this issue (if the Republican candidates for Congress are willing to adopt it) could help Republicans take back the House. Stop blaming “speculators”–if there’s enough oil supply, speculators will sell short, and besides, most speculators are in foreign countries, and Congress can’t regulate foreign markets.
Time to have a long talk around the summer barbecue, about oil.
Steve Z on July 14, 2008 at 12:37 PM
I don’t see it this way at all. Only the MSM will be stumpling over themselves to report on Obama and this trip. Americans will still be reminded each time they pass a gas station several times a day and see the prices increase.
If I see Obama in Europe, I’ll be wondering how much gas was wasted on that trip, and that the ball is now in the Democrats court.
moonsbreath on July 14, 2008 at 12:38 PM
One of the reasons the dollar is falling is because of all the money we are spending on oil, and fears for the strength of the US economy.
Dropping oil prices would help both those issues, so should help to stabilize the dollar.
MarkTheGreat on July 14, 2008 at 12:40 PM
Mark:
I agree with you that the price oil is set in world markets but at the very least there are positive effects of increased US domestic production anyway. Our balance of payments will be more favorable; we will spend less funding terrorists and the dollar will be stronger.
Increased US and North American production will in the end drive down prices. If we develop the totality of US energy resources (Canada and Mexico are doing their part) then we are talking about the potential to increase US domestic production by 5-10mb/d. Saudi Arabia cannot cut back production enough to balance that out. Neither can Russia, Iran or Venezuela because they are dependent on oil revenues to keep their nations afloat. It won’t take much extra worldwide production to drive down prices below $100 a barrel.
I think the smartest thing we could do is to expand NAFTA to explicitly address North American energy self sufficiency. If we can take North American demand out of the world oil markets then there is a good chance that OPEC will collapse.
jerryofva on July 14, 2008 at 12:43 PM
The Chinese recently decreased the amount by which fuel is subsidized.
As prices rise, the ability of govts to provide subsidies drops fast.
MarkTheGreat on July 14, 2008 at 12:43 PM
Call me “dumb” then. Who says Congress has to set the price? There’s also no law saying that we must buy oil on the world market.
moonsbreath on July 14, 2008 at 12:47 PM
Where have you been the last 7 years? Welcome back!
I hope it get done, sooner than later
Kini on July 14, 2008 at 12:50 PM
wishful thinking. the followers of the new bi-racial messiah, and the unthinking ‘moderates’, blame the EVIL oil man BOOOOSH for the gas prices…and they know when the ObaMAHDI takes over, the sun will shine, and everything will be wondeful in the age of aquarius that will dawn.
Romney won’t help Mccain, I don’t think anyone would help mccain. I don’t think mccain likes romney anyway.
right4life on July 14, 2008 at 12:51 PM
Nice one GW - WOW - what courageous leadership.
The boat is sinking so it’s time to hand out life jackets.
We are led by no one in this government - NO ONE !!!
jake-the-goose on July 14, 2008 at 12:51 PM
Only if the Fed stops lowering interest rates. I see the credit crisis and housing crunch as the bigger reason in the fall of the dollar - not the price of oil. By lowering interest rates, that is supposed to free up more capital. The problem is that they slam the dollar each time they do that - more money supply, cheaper dollar.
They are all intertwined, however, and increasing the oil supply will certainly not hurt us any more than we are hurting now.
That’s good news, for us, anyway.
pullingmyhairout on July 14, 2008 at 12:51 PM
FYI, this was NOT started by his father! His father may have writen an EO con’t the cycle, but the original EO was EO 12123, which was signed by CARTER in January 1980.
He was the original idiot to implement this problem, not GHWB. Several Presidents signed EOs con’t the cycle, incl. Reagan & Clinton, if I’m not mistaken. That’s why many can’t find the original EO.
NOW you all know.
Miss_Anthrope on July 14, 2008 at 1:03 PM
That’s because you’re looking at this through the lens of political opportunities. Doing the right thing is still good no matter when you do it.
fossten on July 14, 2008 at 1:08 PM
That’s because our feds aren’t following basic macro policy…that interest rates follow markets, not set them. It’s almost like we have to send them back to school to takes economics classes again, they’re so stupid.
Miss_Anthrope on July 14, 2008 at 1:09 PM
No kidding. Couple this with the taxpayer bailout of Freddie, Fanny and Bear, inflation because of the falling dollar and a breakdown in economic fundamentals, and I can surely say we are headed for disaster.
pullingmyhairout on July 14, 2008 at 1:11 PM
Miss_Anthrope:
The Fed faced a dilemma: shore up the banking system or the dollar. In 1931 the Federal Reserve decided on the latter and the banking system collapsed. If Bernecke decided to repeat that mistake the dollar would be much higher, the price oil much lower an we would be in the Great Depression ver 2.0.
jerryofva on July 14, 2008 at 1:22 PM
No kidding. Couple this with the taxpayer-funded bailout of Freddie, Fanny and Bear, inflation because of the falling dollar and a breakdown in economic fundamentals, and I can surely say we are headed for disaster.
pullingmyhairout on July 14, 2008 at 1:11 PM
Thought I’d throw the emphasis in pmh, hope you don’t mind. The biggest mistake the government is making is NOT allowing these markets and institutions to be forced to make their own corrections, (including failing and filing for restructuring), there-by creating a false economy based on printing more money that has little or no actual value.
Rovin on July 14, 2008 at 1:25 PM
Why didn’t a GOP president lift this ban when gas hit $2 much less 4? was it still ‘unpopular’ then?
jp on July 14, 2008 at 1:26 PM
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