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dixiegrrrrl

(60,010 posts)
Fri Jan 23, 2015, 04:23 PM Jan 2015

The "In case you were wondering if we really DO have morons in Gov't" WTF of the day:

Treasury Secretary Lew told Bloomberg TV this morning that "lower energy prices are good for the US economy" - seemingly missing
the huge surge in jobless claims,
the lack of clear gains by firms on lower fuel costs,
rig count collapsing,
and homebuilder concerns in Shale states.

Plus the thousands of layoffs from oil companies.

But it was his follow up idiocy that sparked weakness:

*LEW SAYS HE DOESN'T EXPECT OIL PRODUCTION IN U.S. TO DECLINE
*LEW SAYS U.S. CRUDE PRODUCERS CAN HANDLE DECLINE IN OIL PRICES

The reaction - WTI broke quickly to a $45 handle on heavy volume.


Because, you know, there is no such thing as supply and demand at work.

Lovely chart at the link
http://www.zerohedge.com/news/2015-01-23/wti-hits-45-handle-after-treasury-secretary-lew-says-doesnt-expect-us-crude-producti
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Rex

(65,616 posts)
2. But that is SOP now, appearances are far more important than reality to the PTB.
Fri Jan 23, 2015, 04:48 PM
Jan 2015

That is why we are almost all slaves to the .01% as they order around D.C. and we suffer every second of every day for it.

Fred Sanders

(23,946 posts)
3. When where high energy prices ever a boon to the net American economy? Lew is right.
Fri Jan 23, 2015, 04:55 PM
Jan 2015

Oil and energy have always been cyclical industries, the massively energy hungry economy of America and any other similar energy hungry nations benefit enormously from lower energy prices.

Energy production, transport and all related industry is 3% of GDP.



http://www.eia.gov/todayinenergy/detail.cfm?id=17451

rock

(13,218 posts)
4. The difference in a statement made for political reasons and one made by a moron
Fri Jan 23, 2015, 05:27 PM
Jan 2015

... You do see where I'm going with this don't you?

bemildred

(90,061 posts)
5. Zero Hedge can be interesting at times, but they tend to be full of shit.
Fri Jan 23, 2015, 05:58 PM
Jan 2015

This seems to be one of those latter cases.

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