June 6, 2008
Crude approaches $140 and is predicted at $150 by July 4th
The American economy is melting down more rapidly than anyone could have predicted. The Dow Jones Industrials plunged almost 400 points today -- driven by skyrocketing crude prices that reached a record $139.01 and predictions of crude prices rising to $150 by July 4th; May unemployment figures jumped to 5.5%, four times as much as predicted and the largest one month jump since 1986; a weak dollar that will buy 30% fewer Euros than last year when we went to Europe; and astonishing drops in housing prices, fueled among other things by record high foreclosures and late payments on all sorts of mortgages. If Obama is elected, he will inherit the greatest economic crises since FDR. If ever we needed a president to inspire us and bring hope for the future, it is now.