May 22, 2008
When oil prices are high, everyone who can't do basic arithmetic complains about the price of gasoline (though it's still the cheapest part of your cost of driving). Why aren't they complaining about the falling purchasing power of the money in their own pockets? That's something nobody seems to want to do right now: Criticize the Federal Reserve for degrading the currency. When the dollar falls, rising oil prices become perfectly timed fodder for politicians. The Fed scuttles the dollar, and politicians deflect criticism by going after oil companies' "windfall profits," and the average TV-watching twit clamors for government to "do something."
Well, they hear you, Amerika. Sen. Dianne Feinstein, from the People's Republic of California, wants to do something. Yesterday, she criticized oil companies for having "no moral compass about gasoline prices." - Dan Ferris with Stansberry & Associates
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