September 22, 2008
Crude skyrockets to $ 130+...the insanity continues
Crude futures leaped as much as $25 per barrel, or 24.3%, shortly before the New York close Monday, to tap a high of $130 per barrel. They're poised to score their biggest daily gain since 1984 -- when crude began trading on the New York Mercantile Exchange.MarketWatch link
OK -- let's breathe a bit. An unprecedented bailout of the US financial sector is being considered -- I hope with regulatory conditions that will create longer-term stability and provide some relief to homeowners, victims of the credit card industry, and taxpayers. $ 150 billion of extra money has been pumped in through central banks. Piecemeal bailouts have cost taxpayers nearly $ 500 billion already. Stocks are down. Oil is way up. Maybe the speculators who can't sell the financial sector short are pouring money into oil. At any rate, the insanity continues.
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