From Pine View Farm

Bushonomics 3

The facts speak for themselves.

No, Bush and his enablers aren’t responsible for all of this.

Just most of it, through pursuing a war based on lies and selling the economy to foreign powers to pay for it, an oil policy (it is to laugh) based on what enriches oil companies rather than on what averts a most forseeable crisis, and a domestic economic policy based on making the rich richer and the poor poorer.

Whenever the Current Federal Administration has had a chance to plan for the nation’s economic future, it has done precisely the wrong thing.

It’s sorta kinda like their foreign policy, come to think of it.

The U.S. economy entered dangerous new terrain Friday as crude oil prices leapt up by a record $10-plus a barrel, the unemployment rate notched its highest monthly jump in 22 years and growing fears of recession sent the stock market plummeting.

The bleak day began with news from the Labor Department that the unemployment rate ticked up in May by a half-percentage point to 5.5 percent. The last time it jumped so much in one month was in 1986. The Bureau of Labor Statistics also said that employers shed 49,000 jobs, the fifth consecutive month of job losses.

Contracts for deliveries next month of crude oil, called futures, then began climbing because of an escalation of saber-rattling between Israel and Iran, the world’s fourth-largest oil exporter, whose location in the Persian Gulf means that any conflict would likely affect global oil supplies.

By the time trading settled late Friday, oil futures had posted a record one-day move-up of $10.75 a barrel to $138.54. That was nearly twice the record uptick set just one day earlier of $5.49.



  1. Ray

    June 7, 2008 at 4:30 am

    Frank; One very important thing to remember about fridays 11$ spike in oil, it went limit up for the first time ever. Limit up suspends trading and almost always leads to an upside follow thru on the next trading day, which will be monday. Next week the stock market may well take the drubbing  it so richley deserves. Tune into cnbc monday morning and watch, should be very interesting.

  2. Frank

    June 7, 2008 at 2:58 pm

    So, limit up means down the tubes, is that it?

  3. Opie

    June 8, 2008 at 1:45 pm

    If Ray’s right I’m buying ExxonMobil stock this week.