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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe "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.
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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The "In case you were wondering if we really DO have morons in Gov't" WTF of the day: (Original Post)
dixiegrrrrl
Jan 2015
OP
When where high energy prices ever a boon to the net American economy? Lew is right.
Fred Sanders
Jan 2015
#3
GeorgeGist
(25,294 posts)1. and they're hired by morons with mbas.
Rex
(65,616 posts)2. But that is SOP now, appearances are far more important than reality to the PTB.
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.
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
... 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.
This seems to be one of those latter cases.