vincentML
Posts: 9980
Joined: 10/31/2009 Status: offline
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quote:
I'm not sure I can get overly excited about Iran pursuing a nuclear program. If I were sitting on a ton of oil, I would want to conserve as much of my inventory as possible for export, and use nuclear as a donestic power source. It makes no sense to burn oil that costs about $USD12 to lift out of the ground, when one can (mostly thanks to the unregulated shithead speculators at the CBOE and in London) sell it for $150 a barrel, and keep the change. If the nuclear power is for domestic use why are they enriching the uranium to weapons grade? Hmmm.... quite a contradiction. quote:
Slightly off topic, but worthy, I think, of consideration, is that, when oil was at $50 or $60 a barrel, Americans had a fairly easy go of things. When oil popped up to $150, and gas went from $1.50 to almost $4.00, all those people who bought houses in the far suburbs because of affordability, had to pay an extra several hundred dollars a month out of their discretionary. They needed gas to work, so mortgage payments fell behind, the default rate (which was insured against by the likes of AIG) went way above what they had predicted, and all the funny papier issued by Goldman, Merrill Lynch, et alia, crashed. Collapse of housing bubble. Yes, the oil bubble had it's effect but you gotta consider the "liar loans" as well, doncha think?
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vML Our lives begin to end the day we become silent about things that matter. ~ MLK Jr.
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