I have to give props to the inimitable James Howard Kunstler who pretty much hit it out of the ball park in his weekly column this week. Classic Kunstler:
What makes matters truly eerie is that the "bubble" in suburban houses has occurred at exactly the moment in history when the chief enabling resource for suburban life -- oil -- has entered its scarcity stage. The logical conclusion of all this is not what the American public wants to hear: we have become a much poorer society and are now faced with the unavoidable task of making major changes in how we live. All the three-card-monte moves at the highest level of finance lately amount to an effort to avoid the unavoidable, acknowledging our losses. Certainly the political fallout of all this will be awesome. But it's not about politics, really. It's about the entire society's inability to form a workable new consensus of reality.
Fellow Colgate alum Kevin Phillips has a new book "Bad Money: Reckless Finance, Failed Politics & the Crisis of American Capitalism , detailing the various scams the "Powers that Be" have laid on us --oh going back at least to the Kennedy years. It's a sad tale. The Government Numbers racket is the term I believe is used to describe the "Powers That Be" that lead us in America.
On top of all that T. Boone Pickens was on CNBC this am. He pretty much simplifies it all-- the world produces 85 million barrels of oil a day and currently needs 87. Prices are going higher. Worth watching