Is the Crisis Over?

Wells Fargo posts a better than expected profit and gross revenue number and the street cheers! Add to that the fact that Fannie and Freddie aren't in as dire straights as first believed and the market blasts off!

Are we out of the woods yet? Well hold on, what about oil? The Dems don't want drilling, they want something done about the speculators. Those evil speculators, who do they think they are, profiting off of the high demand and limited supply of such a valued commodity?

This type of thinking proves one of two things. Either the Dems don't really understand the most base economic forces of supply and demand or they are using this crisis as a political football. I think it's the later, but lately I've been a little to cynical .... even for my own liking.

Enter 'W', love him or hate him, he always has a way of coming on stage at the last minute and making Nancy P. and Harry R. et-al look like a bunch of dolts. Dubbya says drill, drill now, drill everywhere, here's your permission slip and bingo, the price of oil begins to drop.

Oil has declined $15 per barrel over the past three days. Guess what, the nasty speculators saw that someone was serious about creating more product to go with all that demand out there and they decided to vacate their positions because in the future there WILL be enough oil.

More supply, price drops. Simple economics. Why didn't we do this three months ago? The Republicans are no better than the Democrats, this issue was a political football.

Hopefully we, the populous, will get smarter and kick all these Cretans out of office and put a new batch in that cares about the country. Naaaahhh, wishful thinking.