Tom Blumer said: “The POR economy kicked in during the latter part of June, when its architects — Nancy Pelosi, Barack Obama, and Harry Reid — decided that starving the economy of energy by refusing to allow more offshore drilling in the face of $4 gas prices was a winning political position.”
You’re really reaching here, Tom. To think that any vote on an item that would not affect oil supplies until years in the future somehow has effects that reach back in time (years) … is just fantasy.
There is good analysis of our current economic situation, on the internet, but Tom’s essay is not one of them. In short, long term, systemic, issues in housing and finance caused instability in the markets; also, not surprisingly, an overexpansion of productivity (worldwide) is followed by a contraction.
No more looney theories, please.
