Friday, May 23, 2008

The Straw

Oil prices have now overloaded us. Near term, the equation no longer works.
In a survey released today only 3% of Americans believe that the high oil prices are the fault of the big oil companies. Based on the hearings in Congress this week it seems that 100% of the Senate Democrats don't agree with that assessment. 30% of the public in this survey blame Congress and 29% blame the President.
Art Cashen was asked about his outlook for the market this morning on CNBC. The long time floor guy and straight shooter just said "I'm preparing the razor blades and a warm bowl of water". Recession is now assumed.
Time to invest? or hide?

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