I think he's right when he says that irresponsible banking practices, particularly related to mortgages, have played a part in the economic downturn. As for the oil prices, well we're never going to agree about that, but I can agree with you that he's vastly over-simplifying when he presents it as if the companies' greed is the only reason for prices rising.
I think he's right when he says that irresponsible banking practices, particularly related to mortgages, have played a part in the economic downturn. As for the oil prices, well we're never going to agree about that, but I can agree with you that he's vastly over-simplifying when he presents it as if the companies' greed is the only reason for prices rising.
Its not just irresponsible lending, it was irresponsible borrowing as well. Everyone is a grown up in a legal contract.
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"Moris should be here soon to rub it in my face..." -Pizza
As far as I understand, that wasn't even factually correct. Financiers, creditors, bankers, etc. make waaaay more in profit than anyone in commodities markets.
Even if he was right about it, it only makes sense. Never in human history has there been so much wealth, and never in human history has that wealth depended so heavily on one scarce resource. I would argue that oil is right now more important than any other natural resource has ever been.
Even if he was right about it, it only makes sense. Never in human history has there been so much wealth, and never in human history has that wealth depended to heavily on one scarce resource. I would argue that oil is right now more important than any other natural resource has ever been.
There are a lot of fancy economics terms to describe the difference between oil and air, but I can't remember them. Oil is isolated and containable, whereas air is everywhere. No one produces air; it's just here and we all use it.
It is, actually. It's only a thin layer about a mile thick on the surface of this planet. Once humans really expand into space, the scarcity of air will become more obvious.