Be sure to follow me on Twitter @leftiblog

Wednesday, July 23, 2008


Political Humor of the Day

Republican John McCain on Wednesday credited the recent $10-a-barrel drop in the price of oil to President Bush's lifting of a presidential ban on offshore drilling. (Source)
Any investor who was idiotic enough to change their investment strategy based on this kind of "evidence" wouldn't be an investor for long, they'd be wandering the street in a barrel, having lost their shirt. Psychology does play an important role (in this ridiculous capitalist system) in stock market prices, and classic investment advice (not that I really know, mind you) is "buy on the rumor, sell on the news," i.e., you should invest based on what will happen in the future. But not the future seven years away, even making the completely unwarranted assumption that the Congress and the states will follow Bush's lead in lifting the ban on offshore drilling, and even then making the almost equally unwarranted assumption that the oil companies would activate drilling programs immediately.

I've turned this post into a serious one. I shouldn't have. The reason it's posted under "Political Humor of the Day" is that I literally burst out laughing when I heard that statement from McCain.

This page is powered by Blogger. Isn't yours? Weblog Commenting by HaloScan.com High Class Blogs: News and Media