The $2 Trillion Nightmare
By BOB HERBERT
We’ve been hearing a lot about “Saturday Night Live” and the fun it has been having with the presidential race. But hardly a whisper has been heard about a Congressional hearing in Washington last week on a topic that could have been drawn, in all its tragic monstrosity, from the theater of the absurd.
The war in Iraq will ultimately cost U.S. taxpayers not hundreds of billions of dollars, but an astonishing $2 trillion, and perhaps more. There has been very little in the way of public conversation, even in the presidential campaigns, about the consequences of these costs, which are like a cancer inside the American economy...continued
And this next item is not opinion - it is fact.
Bush is worse than Jimmy Carter!
Oil Tops Inflation-Adjusted Record Set in 1980
By JAD MOUAWAD
Capping a relentless rise in recent years, oil prices hit a record high during the day on Monday, then pulled back to close below the record.
The day’s highest trading price, $103.95 a barrel on the New York Mercantile Exchange, broke the record set in April 1980 during the second oil shock. That price, $39.50 a barrel, equals $103.76 today, when adjusted for inflation.
The surge in energy prices is taking place as investors seek refuge in commodities to offset a slowing economy and a declining dollar. Analysts pointed out that financial institutions like pension funds and hedge funds are also buying oil and other commodities like gold as hedges against a rise in inflation...oy, there is more...