1. Welcome to SportsJournalists.com, a friendly forum for discussing all things sports and journalism.

    Your voice is missing! You will need to register for a free account to get access to the following site features:
    • Reply to discussions and create your own threads.
    • Access to private conversations with other members.
    • Fewer ads.

    We hope to see you as a part of our community soon!

60 Minutes: Oil Prices Manipulated

Discussion in 'Sports and News' started by Boom_70, Jan 11, 2009.

  1. Oil prices were a contributing cause, perhaps even a fundamental one. Prices went up, people had little choice but to pay the increased cost - especially people who either didn't live near public transportation, or couldn't use it. Therefore they skimmed in non-essential areas of their budget, thus hurting a lot of other businesses. It's how the economy works.

    Now that prices are low again, it may help. The question, as Ben said, is how much damage has been done already to people's pocketbooks.
     
  2. The Big Ragu

    The Big Ragu Moderator Staff Member

  3. kleeda

    kleeda Active Member

    Looks like the era of big government will be back, about 13 years after it was declared over.
    That was fast.
     
  4. Magic In The Night

    Magic In The Night Active Member

    One thing that's going to hurt the middle class, and subsequently, the economy, is the shrinking of credit. Most credit cards are pulling back on allowing it and cutting your credit allowed. So people won't be able to use them as much until they start paying them off. And when they do that, they're not buying stuff. I predicted this years ago when I said the corporations aren't giving raises to anyone but the execs, who do they expect to actually buy stuff when people have no money and eventually, no credit.
     
  5. cranberry

    cranberry Well-Known Member

    I don't think there will not be a recovery until there's a huge infusion of cash to the middle class. Like I said earlier, it's tapped out. And waiting for coin to "trickle down" from some corporate welfare program isn't going to get the job done. Just like the last six times we went that route.

    On the other hand, credit card debt has been out of control for a couple decades at this point because of a deadly combination of lax lending rules and stupid consumers. That bubble needed to be burst a long time ago but it was let go because it was fueling fake economic growth.
     
  6. BNWriter

    BNWriter Active Member

    Haven't gotten completely through the thread yet, but don't know if anyone has mentioned that Bill O'Reilly was bragging last night about how he reported on this subject on his show months ago.

    Yeah, Bill....Fine. Not everybody loves you like you do. <Pats him on back.>
     
  7. Baron Scicluna

    Baron Scicluna Well-Known Member

    WFW.

    That's what I was finding ridiculous every time Bush or one of his minions kept boasting about jobs added, or how the economy was great. No one was responding, "YEAH, FOR WHO?"

    When the median wage barely keeps up for the cost of inflation for the last 30 years (and didn't at all for Bush's term), the economy ain't doing great.
     
  8. KG

    KG Active Member

    I'd like to agree fully that credit companies are backing off on the credit they allow, but I can't. My niece, who does not work, hasn't worked more than two collective months in her life, takes government benefits (just because she can) was given a credit card. Granted, it only has a $300 limit, but they still are not doing their homework about who gets credit and who does not.
     
  9. Boomer7

    Boomer7 Active Member

    Just because it was declared over doesn't mean it ever left.
     
  10. kleeda

    kleeda Active Member

    Oh, I think the public's appetite for bigger government just got a lot healthier. Particularly over the business world.
     
  11. Tom Petty

    Tom Petty Guest

  12. Boom_70

    Boom_70 Well-Known Member

    Traders back at it again:

    http://www.nypost.com/seven/07052009/business/crude_speculation_177715.htm
     
Draft saved Draft deleted

Share This Page