The big news of the day; other than Pakistan's continual denial of any Bhutto assassination involvement by hiring Scotland Yard detectives to further investigate, was that the cost of a barrel of oil is dangerously close to hitting the $100 mark. We have known this for quite sometime that this milestone was approaching. But we have never reached this high. Way back in my college days I had a college economics professor tell the class just about everyday (And actually put this argument into his quiz's to make sure we were paying attention) that if the cost of oil ever hit $100 dollars that we are FUBAR. He compared 100 dollars/barrel to 12:00 on the doomsday clock.
Now this was back in 1999, and we labeled him as "a madman". Perhaps there was some wisdom in his madman rants. Salaries are stagnant (if not lowering) the job market is drying up, people are losing their homes, tuition rates are at an all-time high, we are engaged in a pointless and expensive war, and of course half this nation doesn't have 2 credit cards to rub together. Perhaps the oil issue is the catalyst that will nudge our economy down that inevitable path toward recession.
Every time I read an "oil crisis" article I think back to my college days and realize how right that guy really was. G*d I miss college sometimes. Enjoy my "madman" rant of the day.....
