He Skipped Econ 101 That Day

The Wall Street Journal on Obama’s economics flub:

The “psychological impact” to which McCain refers is quite simple: The expectation of greater oil supplies in the future would make it more attractive to sell oil now, when supplies are restricted and prices are high, thereby bringing prices down in the short term.
Is Obama really too ignorant to grasp this, or does he just think voters are?


Methinks both.
Ladies and Gentlemen, Senator Barack Obama! The man that wants to lead our nation; restore our economy!

Why is the price of Oil so high? Speculation? Not so much. Weak dollar? Getting warmer. Supply and demand? Warmer Still. The anticipation of static supply and high demand? Bingo!

I saw no mention of “ineluctible forces of history” or, for that matter, the Inaudacity of Hopelessness.

Get ready to have to spend a lot of time explaining basic economics to people.

8 thoughts on “He Skipped Econ 101 That Day

  1. John “Still Need to be Educated” McCain’s answer to high oil prices: Prozac for all!

  2. Strangely, the prospect of free-flowing Iraqi oil after only 100 years of war isn’t providing the “psychological impact” McCain had hoped for.

    You understand that oil commodity speculation has almost nothing to do with the underlying, long-term economics of the oil industry and almost everything to do with short-term bets on what other people will pay for oil, right? Kinda like with Bush-era home prices, we have slipped the surly bonds of supply-demand curves.

    McCain’s explanation doesn’t play with smart guys or dumb guys. Only you hardcore wingnuts believe this crap.

    Oh, and South Korea’s no longer part of the Axis, eh?

  3. Iraqi oil after only 100 years of war

    Wasn’t sure anyone posited that sequence.

    Hey, welcome back! I was starting to worry about you!

  4. How many bases do we have in occupied Confederacy? Imperialistic US out of CSA now!

  5. Didn’t know we’re still occupying Germany. At least we’ll be out of South Korea soon. Shrub apparently thinks Kim Jong Il is all reformed. Prolly looked into his soul like he did with Putin.

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