|
not what I said Tim, but nice try at obfuscation.
there is increasing world demand for oil, and we have not weaned ourselves off oil,
the value of the dollar has plummented as we have spent trillions on the Bush war,
regulation of any industry is anathema to Republicans, but the economic consequences of this hands off approach to the mortgage industry has been disastrous,
NEW YORK, March 3 (Reuters) - Oil and gold charged to new highs on Monday, fueled by a crumbling dollar, as more weak U.S. economic data and inflation worries kept money flowing into commodities and out of equities.
Shares in Europe and the United States fell as investor confidence was undermined again by a continuing toll of credit losses at banks and financial institutions.
Crude oil prices set new records in New York and London, and gold edged closer to $1,000 an ounce, setting a record high for the fourth straight day.
Treasury bond prices eased and the dollar pared losses against the euro and the yen after a slightly firmer-than-expected U.S. manufacturing report.
U.S. Treasury Secretary Henry Paulson urged financial institutions to raise fresh capital if they need it and he warned that although markets are adjusting to the housing and credit crisis, the healing process might be prolonged.
With uncertainty lingering in financial markets, commodities have remained attractive. Investors "are buying commodities to hedge against inflation because hanging on to the dollar means they lose value," said Phil Flynn of Alaron Trading in Chicago.
Crude oil speculators on the New York Mercantile Exchange have increased their net long positions to the highest in seven weeks, according to data from the Commodity Futures Trading Commission released last week, showing continued betting that oil prices will go up.
|