An Oil Shock That Could Be an Economic Stimulus in Disguise -NYT

An Oil Shock That Could Be an Economic Stimulus in Disguise -NYT
By EDUARDO PORTER

August 21, 2004

http://www.nytimes.com/2004/08/21/business/21oil.html?pagewanted=print&position=

the first four sentences:

How much will expensive oil hurt?

Over the last 30 years, the United States has been driven into recession three times by abrupt surges in the price of oil. As the price of crude has surged over the last two weeks, reaching new heights almost daily, some economists have begun to worry that the current "oil shock" will slam the brakes on the nation's economic expansion again.

It probably won't. Despite the disquieting parallels with the oil shocks of the 1970's, the 1980's and the 1990's, the impact of the current oil spike on the American economy is likely to be much less intense than in previous surges.

Not only is the economy much more energy-efficient - gasoline prices have been stable in recent weeks - but, more important, in contrast to previous periods when oil shocks occurred, inflation remains under control. So rather than pushing up interest rates and compounding the economic slowdown, rising energy prices today are slowing the rise of interest rates, providing an unexpected dollop of economic stimulus on the side.

...
this stuff just writes itself...

I can't stop laughing when I try to write commentary on this.
...or is that crying?

Trade you a brand new Hummer for a bicycle.

I would be rich than Bill Gates.

and the damn pig won't hold still!

like it is, other soldiers with families like me will get an amazing oportunity....Food Stamps!!

as long as we continue to disobey the constitution
and allow fiat money
...our battle will be even giving out food stamps at this rate.

deinflation. Basically, your wage and dollar becomes worthless because it's value sinks while your $2.00 gas goes up and you find yourself not being able to afford that $450,000 shack you look at 4 years ago when it only cost $150,000. It's inflation in reverse and it has been happening over that last 3 years.

A little radiation is good for you.

Smoking tobacco protects you from Alzheimer's syndrome.

Alcoholics are protected from cancer/schizophrenia/acne/etc.

Women who are raped secrete hormones that prevent pregnancy.

George W. Bush is the greatest president we've ever had.

Don't mind me ... I'm just trying out a few new gags.

--bkl
Take my President. Please.

checked on google
lots of other funny articles- no background

nyt
ha!

Or oil, in our case. And let's face it, there ain't much of this stuff left at bargain prices.

Our traditional way of economic growth, personal Hummers and suburban sprawl simply cannot continue if gas rises to $3 or $4, or even $10 per gallon or more. And it's not going to be an easy transition, since we haven't exactly been working on a "Plan B" of alternative fuels and energy methods. Those will come, but not in time to spare us of some very tough challenges and changes.

But don't blame President Carter for this one. History will remember him for being way ahead of his time.

And then came Reagan...

the people at the nyt watch site-timeswatch.org
don't like eduardo porter too much
they are crying too...

http://www.timeswatch.org/topicindex/P/porter_eduardo/welcome.asp

Eduardo Porter

2004

• August 2 -- Slowing Economy "Setback" for Bush
The slowing economy again makes headlines in the Times: "The slowdown was a setback to efforts by President Bush to point to solid growth as a validation of his administration's economic policies, and played into the hands of his Democratic challenger, Senator John Kerry."

• July 19 -- NYT Again Leads With Bad-News Economic Spin
More front-page bad economic spin begs the question: Is the Times talking down a strong economy in an election year?

• July 6 -- Embracing "Weak" Employment Report
Eduardo Porter offers a harsh assessment of a new jobs report: "…until new evidence emerges, the June employment report left a broad impression of weakness." That's no surprise to Times watchers, used to the paper talking up the negative when it comes to the economy.