04 Sep 2008

Should We Cheer or Fear the Drop in Oil?

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I realize the people running CNBC need to generate new financial articles every day, even if there’s nothing to say–as the runner of this blog, believe me, I understand the predicament. Yet today’s “Cheer or Fear Drop in Oil?” strikes me as particularly absurd. I think they should just rename CNBC as “Sure that’s what common sense says, but on the other hand…”

I have no doubt that if next month’s housing numbers are up 10%, they will quote traders saying, “Hmm this will catch a lot of young couples by surprise who were in the market for a cheap house. It could bode ill for consumer spending during the holidays, and just might push us into recession by first quarter ’09.”

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