Will Oil Make A New High This Time?

[SMEGMA STENCH]

How big of a lie do you think that employment rate is? I know Ojackoff won't admit his failure... (he said in the vid the gub'ment said it was 8.7)

[Vertnut]

How big of a lie do you think that employment rate is? I know Ojackoff won't admit his failure... (he said in the vid the gub'ment said it was 8.7)

Very reliable pollsters show unemployment at 10.3%. With Barry controlling the media, we will never know the true stats on unemployment or anything related to the government, because they never dispute any of the horseshit he spews out of his mouth. It's funny how they don't include gas or food when it comes to inflation. What a joke.

Look around, people. Housing is still going down the crapper, gas will be $4 by summer (if not sooner), and groceries are sky-high.

[Captain Crawfish]

What's that magic gas price number that dooms us all? I heard somewhere that it was known that if gas reached something like 5.40 per gallon, its game over for the united states. As in, total economic collapse.

I think $4 a gallon gas will bring this country to its knees. Once consumers cutback due to inflation then the layoffs etc will kick in. Just like last time except it may be worse. Hopefully that will not happen but it never hurts to be prepared.

[Sean88gt]

I think $4 a gallon gas will bring this country to its knees. Once consumers cutback due to inflation then the layoffs etc will kick in. Just like last time except it may be worse. Hopefully that will not happen but it never hurts to be prepared.

I was talking to my dad about this exact subject this morning. People right now don't have the financial stamina to afford a run up on price. The tipping point is much lower than it was during the initial run up.

[Denny]

Time to pull back and see who lasts the longest. My money is on me.

[talisman]

$100 extra a month on gas isn't going to cause me to miss my mortgage payment. It's annoying as fuck, yes, but the people who have their budgets shaved that thin should be doing a little better job at financial planning.

[dblack1]

$100 extra a month on gas isn't going to cause me to miss my mortgage payment. It's annoying as fuck, yes, but the people who have their budgets shaved that thin should be doing a little better job at financial planning.

My wife has many jobs, but one of the is real estate. Our entire county, as of last year, meets all the requirements for USDA loans.


She has a couple who are about to purchase a house with a USDA loan that can't even afford to put $500 earnest money up. They are approved for a house up to $120k, but they don't have $500.

Another interesting sale that occured last month. Couple with a household income of around $80k purchased a $210k house using a FHA loan. They had no money to put down so they offered $220k for house and the seller paid the down and the couple financed the closing costs.


Point is, never underestimate the stupidity of the human condition. I see it everyday, everywhere, in every class. We are friends with a couple who doesn't make that much less than we do, but live check to check, I'm talking about going out to eat lunch and having just enough left in the account to cover it on a Friday. They also have a $200 phone bill and watch pay per view fights. It happens.

[Denny]

$100 extra a month on gas isn't going to cause me to miss my mortgage payment. It's annoying as fuck, yes, but the people who have their budgets shaved that thin should be doing a little better job at financial planning.

That's only a portion of it. As the oil goes up, so will other commodities (as they already have/are). With people resituating themselves to deal with it, there will be less spending across the board. If you think employment is a problem now, just wait. Then watch the dollar index. It's a snowball effect. devalue the currency while destroying prices. You'll have most of the people helpless and dependent upon the government, which will hurt the people who have made plans... it's the whole divide and conquer deal.

They pulled us off the gold standard to use leveraging to get ahead and now the fiat system is irreparable, so go out with a bang and still make out better than everyone else during this since you have control of these social programs and military.

I'm not talking about our government. The government is just a tool for them. I'm thinking with this global economic crisis, we're going to see mass devaluation of all currencies until someone like the G20/IMF will bring about a new global currency. With a global currency, you'll need a global monetary policy. In order to do that, you'll need a global governing body.

Check fucking mate.

I'll take the critique as I always have. I just find it funny that it keeps getting closer and no one is really looking at it.

[jw33]

The sky is definitely falling this time.

[slow99]

Although rapidly rising oil prices are certainly not a good thing for the economy in general, I think they're less likely to precede a recession this time around.

[The King]

I think $4 a gallon gas will bring this country to its knees. Once consumers cutback due to inflation then the layoffs etc will kick in. Just like last time except it may be worse. Hopefully that will not happen but it never hurts to be prepared.

It wouldn't even have to be worse than the last time, since new layoffs would be piled on top of residuals from the previous round and the sum total would equal economic devastation.

[kingjason]

Although rapidly rising oil prices are certainly not a good thing for the economy in general, I think they're less likely to precede a recession this time around.

I am going to disagree with this. I believe gas prices were the number one trigger for the first meltdown.

[slow99]

I am going to disagree with this. I believe gas prices were the number one trigger for the first meltdown.

It's a combination of numerous events, in my thought. You could plot a matrix of oil prices versus recessions and easily come to that conclusion. You could also plot a matrix of Federal Reserve policy tightening over that same chart and begin to come up with a myriad of interesting conclusions. Of course, I'll preface this with the fact that this is just my humble opinion and I don't know for certain what would happen.

[mikeb]

I just don't think that people in this country have the resources to weather round #2 of this without a major economic impact. Businesses have already cut to the bone and will stay that way if they can even manage to hold on. People have already majorly cut back spending but i'm sure that there is still more belt tightening that can be done. People will drive less and will search out cheaper groceries and thrift stores will continue to boom. I look for a lot more gardens being put in in the near future.

In the worst case scenario I think that we are heading back to a 1940 WWII type of era with shortages of things and people doing without. At least if that happens the leeches on the economy will starve.

[Sean88gt]

I just don't think that people in this country have the resources to weather round #2 of this without a major economic impact. Businesses have already cut to the bone and will stay that way if they can even manage to hold on. People have already majorly cut back spending but i'm sure that there is still more belt tightening that can be done. People will drive less and will search out cheaper groceries and thrift stores will continue to boom. I look for a lot more gardens being put in in the near future.

In the worst case scenario I think that we are heading back to a 1940 WWII type of era with shortages of things and people doing without. At least if that happens the leeches on the economy will starve.

I also tend to believe that business owners have purposefully gone lean to make Obama look like a bigger asshole. I know several personally that refuse to hire anyone until he is gone.