Friday, June 27, 2008

Oil Tops $142 State of America, Recession

State of America has gone from Crisis to Recession. Oil broke the $142 mark today and where is Congress, the House is not in session and the Senate is discussing North Korea. I am concerned with North Korea but doesn't America's economy and the facts that people are losing their homes, cannot feed their children, business are going under, and people have resulted to selling their blood (all due to the high oil and gas prices), don't these facts take priority over North Korea. The last I heard the 6 party talks are working. North Korea has given the declaration we asked for and they are gong to destroy their Nuclear Cooling Tower, sounds like progress to me.

When the oil prices hit the $140 mark yesterday the idiot traders on the floor of Wall Street were jumping up and down, shouting for joy like little kids on Xmas day. The stock market plummeted and with oil prices increasing today the stocks are continuing to fall. This could be reminiscent of the 1929 Wall Street crash that sent the world into the Great Depression. And where is Congress, running off to celebrate the 4th of July.

Barack Obama, in a recent interview, said by 2030 if we follow his plan we will reduce our dependence on foreign oil down from 63% today to 35% by 2030. Of course his plan is completely based on new and unproven future technology. It leaves out everyone that is below the poverty level and the millions upon millions that cannot afford to buy the cars of the future that his plan is dependent upon to reduce our dependence on foreign oil.

Everyone is asking, "What is going on?" The expert analyst on television blame it on everything imaginable from Nigeria to the weak dollar to the new excuse, inflationary cycle. No Wall Street analyst is blaming it on the unregulated oil market. In 1929 the stock market along with banks were unregulated and the Congress set back and allowed unscrupulous investors to manipulate the market with junk stock and bad bank loans and investments until the market collapsed. This Congress is no different than the Congress of 1929. It is their job to pass the laws that will curtail the market manipulation and bring down these prices. It is Congress that must lift the ban on recovering oil from shale and open our coasts to offshore drilling. The President does not have the power or authority to do either. He can lift the executive ban on offshore drilling to send Congress a message, but the question remains if Congress will listen.

It is up to the people, how much more are we willing to except from this do-nothing-Congress? Instead of celebrating the 4th of July at some fireworks display, how about celebrating outside of our Representatives offices and homes, explaining to them we want something done now instead of 30 years from now. State of America has went from Dangerous to Crisis and now Recession. There isn't much left before Catastrophic and Depression.

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