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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (98407)	3/21/2003 1:12:30 PM
From: Tommaso	Read Replies (1) \| Respond to of 132070

I wouldn't want to push the analogy too far, but there are some analogies between 1962-1970 and 1996-2003. 1. Americans driving oversized gas guzzling vehicles. 2. A confidence in our ability to sort out the world and start a war without raising taxes. 3. A peaking bull market in stocks, rising even as the Vietnam War intensified. 4. Initial lack of serious inflation. I think things may be worse this time, especially with the dollar far more detached from any monetary discipline. Ultimate decline of the dollar may be matched by competitive inflation of other currencies. The energy situation is far worse than it was then, with the U.S. much more dependent on imported oil (as we all know)--and with oil storage and natural gas storage at record lows while demand is higher than ever. If Americans are complaining of being badly hurt because gasoline has gone from $1.00 to $1.80 or more, what will they say when it has gone from $1.00 to $4.00 a gallon? And that could be the lower range in case of real shortages.