Welcome to the Frozen Economy
Not since the Depression have financial difficulties so immobilized spending and credit. Listen to the talk at a local diner in Maine.
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The rush to blame
It’s popular to blame “speculators” for the rise in crude oil prices. Before you do that, consider this. Anybody who has signed and paid for heating oil that won’t be delivered until some future date is a speculator. I realize my statement is not very profound. It just appears to me that the word “speculation” has been given a negative connotation lately by the media and some in Congress. I wonder if the regular people around town understand that speculation is beneficial, and something that most of us do on a regular basis.
Oh, and I wonder how many people yet understand that Fed monetary policy is chiefly to blame for rising prices across the board (except in your paycheck).