Wednesday, January 02, 2008

$100 Oil

Not long ago, Hillary Clinton promised that, when she is President, she will make oil prices go down. I didn't know Presidents had that special power. Hold it, wait, isn't that what Nixon, Ford, and Carter tried -- price controls? As I recall, it resulted in long gas lines and gas shortages. Sounds like someone's nostalgic for the 70's!

I'm afraid, with oil prices hitting $100 a barrel today, that the American public will naively (and amnesiacly) think such price controls are a good idea.

Of course, right now it's looking like we might be choosing between Clinton and Huckabee, and Huckabee is nothing more than a Nixonian Republican himself. Nixon was all about interventionist economics, price controls, etc. And we all remember stagflation, don't we?
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