November 30, 2007

Draining the life out of us

Two posts caught my eye and both are interrelated. One was from BlueBloggin' detailing the rise in oil prices as a function of commodities traders. Most of you know already that there is a substantial amount of the price of oil that has been increased by speculation. The author is right in that there there is no theoretical limit to how high oil can go with speculators in control.

There's only one problem... speculators NEVER remain permanently in control. They will always lose eventually and the trade will go in the opposite direction. The only question is whether or not the economy and the middle class can endure until that breakdown occurs. Which is where this post from Eye on Williamson comes in. The middle class in the US has been under attack for 30 years, coincidental with the rise of the Republican 'conservative' movement that is anything but. Though the author of the piece doesn't talk about it, the middle class is itself in part to blame. They've kept electing these people cycle after cycle even though the economics work better for the rich than they do for the middle class.

The sad reality is that the Democratic party and it's image consultants over the last 30 years are also to blame because for a time they abdicated the mantle of protectors of the middle class to the Republicans by allowing them to paint themselves as better on economic issues. That's starting to change which is why the polls look sooo bad for Republicans.

It's about time people finally realized their economic well being and security is more important than whether or not the gays and lesbians can marry. And the price of oil is the most obvious indicator.

Posted by mcblogger at November 30, 2007 08:15 AM

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