Who can some of you guys not blame Bush for the economic vows of today. He and his administration are the most powerful men in the entire world. The policies are enacted by Bush... He can also pursuade Congress obviously (also don't forget veto power)... How can some of you be so ignorant not to blame Bush? He runs the only remaining world superworld = runs the world essentially... Also, how can some of you guys not deny the connection between the Bush family dynasty and oil interests. This isn't a conspiracy, but think about the Carlyle Group, oil companies in Texas (after college) Cheney former CEO of Halliburtion, Bush Sr. invading Iraq, Bush relationship to Saudi royal family (oil fortunes)... How can you ignore the coorelations between Bush and oil? Please remember that oil giants are experiencing record profits (Exxon Mobil)... Coincedence?
the drop in the dollar is due to artificially low interest rates. overlay a long term chart of the two. almost perfect negative correlation. Although deficits, and trade imbalances should have a major effect according to economic theory, they have not this time around. I have yet to hear of an economist that blames high oil prices on Iraq rather than demand driven by China/India coupled with speculation. I know its kosher to blame everything on Bush, and I agree he has been terrible, but he is not responsible for the price of oil, nor for the dollar. And in reply to Monty, if you can show me how bush is responsible for China/india growth, then I will accept some of your argument. its yet again an example of conspiracy theory which is just rampant on this site.
No, Bush-II didn't do that. However, what continues to happen is taking advantage of the information gap. CNBC, BiTV and FoxTV were discussing this specific fact today (Wed, June 11th) during business trading hours. These socialistic and communistic countries mentioned, and dozens others are not and will not report their GDP, CPI or other information that capitalistic countries report. There is no way to properly determine what the collective global demand is, other than going to the source and independently verifying actual shipments or deliveries. The Saudi conference that they are conveening on the 22nd in the middle east is an attempt to do just that and resolve this information gap by exposing true demand pressures. What the markets in the US have done is take advantage of that / those facts and proposed what demand is. They continue to do that to support prices in their favor no matter who in the US gets hurt. Un-American or most American, this get rich at any cost with no regard to some sense of social responsibility. This can be argued both ways, and has on these threads. Someone even mentioned Lee Iacoca's book regarding the selling out of America's interests by big business no longer acting in a good citizen manner. so this continued double speak about supply and demand justifying these prices lacks any form of credibility....
Excellent points. Can you expand on the Bush ties with the Carlyle Group? Everything I have read about them stinks. Rubenstein seems like one smug bastard in interviews as well, leading me to distrust him. Am I in the ballpark?
The democrats gained control of the Congress in Jan 07. The really big spike in inflation and energy prices has come since they took over. Democrats love to screw the middle class.
I appreciate your response Jayford. Now in terms of China and India, Bush obviously does not directly (though the American economy/consumers do) play a role in faciliating their growth. That being said, China's/India's and other emerging giants such as Brazil have been growing for some time. In 2002, oil per barrel was in the $40s. Today it is now in the high $130s. According to your logic, you would claim that only in 2002 did China and India realize that they will need oil, and therefore oil has tripled in the last 6 years. According to my reasoning, China and India have been emerging for decades, though more substantially since the 90s. Therefore, why did it take until 2002 for demand to become so high? Please look at the picture file at the bottom of the post. See how oil has sky rocketed since 2002. Did China and India only realize they will need oil then? Have they only grown since 2002? Of course not, there demand for oil should be gradual, maybe steep, but not skyrocketing! Speculation is one cause but not the biggest... Most significant is the role that the FED has played. They have lowered interest rates constantly and devalued the dollar, thereby artificially raising the price of oil. Now the relationship between the FED and Bush is simple... The FED cuts rates because the economy is performing very poorly. Who else more to blame for the economy than Bush? Bush is a conservative, yet he spends like a Democrat. Our country is in a huge debt! We borrow way to much money from the Chinese (vital reason the FED lowers rates), there is a trade imbalance, wasting tax money on a unjustified war.. Now these policies are the result of the Bush administration. I will also add, Bernanke has cut rates too frequently (to save financial service companies from subprime mortgage vows aka taking stupid investment risks). That idiot Bernanke, however, was also obviously appointed by Bush! Now about your conspiracy comment, let me ask you about what you disagree with: 1. Does the Carlyle Group not exist? 2. Did Bush not run a Oil company after he graduated from Yale? 3. Was Cheney not the CEO of Halliburton? 4. Did Bush Sr. not invade Iraq in 1992? 5. Does the Bush family not have a relationship with the royal family of Saudia Arabia (again linked with Carlyle Group - oil investments)? Are these claims false? Why do you label this as a conspiracy. The Bush family has become an elite family because of oil and defense contracting? This is the truth, research it for yourself. Im not a conspiracy nut, those 5 points are facts.
I forgot to add the crude oil graph.. Look for yourself. Did demand in China/India/Brazil etc. only begin in 2002? That would be ridiculous. These countries have been growing for decades. Blame the FED for devalueing the dollar. Why? Because the economy was so bad under Bush that it had to!