Monday, January 25, 2016

The Economist thinks low oil prices are bad

It's the cover story.  Cute cover cartoon showing a pumpjack with a demon's head, all in black.  They do admit that low oil prices are good for consumers, but then they go on and on about the hardships visited upon oil producers, and banks who financed oil production.  Woe to banks, woe to producers.
Well, sorry about that banks and producers, there are a whole lot more people benefiting from low fuel prices than there are producers.  As to banks who may not get their loans paid back, time to wise up.  Don't loan money unless you (and your own figures) can show that the borrower will make enough to pay you back.  And don't expect any more government bailouts. 

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