It’s the Oil, Stupid by Hugh Hewitt
The Bear on Jul 16 2008 at 8:26 am | Filed under: Energy Policy
The economic mess the country confronts can be laid at the feet of Barack Obama, Nancy Pelosi and Harry Reid. The Don’t Drill Democrats are forcing deindustrialization through depression brought about by soaring energy costs. This is a man-made meltdown, and make no mistake: The Democrats could halt and reverse the skyrocketing cost of oil, but they are choosing not to.
The impact of the massive oil shock brought about by the rise of oil to more than $140 a barrel has just begun to be felt. The airline industry has gotten organized to alert everyone it can that it cannot continue to stagger along at this price. Eight airlines are completely gone that flew a year ago, and many others are on the brink. Layoffs and new charges to battle soaring costs are hardly worth noting they arrive so frequently.
Tremors continue to course through Wall Street as investors shunned mortgage giants Freddie Mac and Fannie Mae and yesterday worried Congressmen throw questions at the Fed Chairman and the secretary of the Treasury: How bad can it get?
The answer is very bad indeed. We may be headed for another big bailout of a financial institution, a crisis that could have been avoided had the Congress acted first on energy.
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