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To: Thomas M. who wrote (69)	3/27/2001 8:00:20 AM
From: Mike M2	Respond to of 443

Thomas, nice find -ho ho ho Mike

To: Thomas M. who wrote (69)	3/27/2001 10:28:17 AM
From: Ilaine	Read Replies (1) \| Respond to of 443

In light of the fact that I don't "get" Austrian economics, I confess to not understanding how raising the price of oil is deflationary. If something costs more and demand is elastic then less of it will be consumed. However, in the United States, demand for oil was inelastic. You and Magner were babies then, but maybe you've seen pictures of people waiting in line at gas stations. There was gas rationing. You could only buy on alternating days, depending on whether your license plate was odd or even. People swapped license plates to scam the system. Carter directed everyone to raise the temperature on the air conditioners and lower the temperature on heaters. He wore sweaters everywhere to inspire people to do the same - bundle up at home and turn the heater down. Americans live in suburbs, and we don't have good public transportation. Back then everyone drove gas guzzling American cars - you could literally watch the gas gauge drop while you drove. We just paid more and kept consuming. Even now, every time OPEC raises prices or cuts production the entire country suffers an economic jolt that ripples throughout the economy.