I don't watch price changes day-by-day but they are up recently. Oil accounts for 70% of the cost of a gallon of gasoline and can fluctuate due to policies.
In 2012, oil did spike due to both the Iranian dispute with the West over its nuclear program and issues with refineries. Oh, I don't see where gasoline prices were over $4.00/gal. during Obama's presidency.
What did people earn at that time, $5,000 a year? In 1900, a loaf of bread was a nickel. Now it's ~$3. Adjusted for inflation it's the same thing.Yoost to be gas was 32 cents a gallon and you got stamps and a carton of Coke with a fill up.I wonder how they made any money back then.
Ok, two different sources say different things. In any case, I described the reasoning as to why gas rose in 2012 and then fell to ~$2.50.Average price peaked at $3.96 during Obama.
https://www.cnsnews.com/news/article/price-gallon-gas-96-under-obama
Close enough. Gas was over $4 in many locations.
I don't blame or applaud Presidents over gas prices. That was the point. There's only so much a President can do short term. Long term is a separate argument.
Oil is a global commodity and a single country has little to do with fluctuations.
Ok, two different sources say different things. In any case, I described the reasoning as to why gas rose in 2012 and then fell to ~$2.50.
The source I remember best is the first time I put a hundred bucks worth of gas in my pickup.
I won't argue why. I don't think presidents have much to do with it short term.
They say that statistics don't lie but liars use statistics. This is a prime example. Did you know that if Jeff Bezos walked in a bar where 50 coal miners were drinking, the average person in the bar would be a billionaire? Well, that's what you are pedaling with the "average" gas price graph.Weird, we're calling these gas prices "higher"?
seriously?
--and in 2018 money we can say it peaked at $4.34 in May 2011.
Show me the signed copy of the so called agreement (which was a treaty) and I'll agree with you.
Tell me why acting on a law that has been on the books for decades (and places our embassy in the host nation's capitol) and I might agree with you.
Tell me why allowing people to keep more of what they earn is a bad thing.
President Trump is a lot of things. Obama he isn't.
Actually, they DID. The Fed ordered banks to comply or lose their banking privileges.What I read is an excuse from someone who believes that all problems are caused by the government.
Let's be clear, the Fed didn't put a gun to banker's heads and make them give out no-income, no-asset, no-credit-check loans.
Caused by the Fed's requirements to make stupid loans, coupled with banks selling the underwriting of these loans to patsies on Wall Street to compensate.The bankers willingly did that because they knew they didn't take a risk, because mortgage rating organizations were rating junk loans as AAA and these bankers immediately sold the loans as derivatives. The Fed didn't tell financial institutions to throw caution to the wind and stop instituting the most cavalier banking standards.
Yet it was. Bank around the world had interconnected loans with the U.S. banking system. When banks started to fail in the U.S. it rippled around the world as the interconnected loans came apart.Here are key things we know based on data. Together, they present a series of tough hurdles for the proponents of the theory that the government was to blame (in your case, specifically that it was the Fed.)
The boom and bust was global. Proponents of the narrative above ignore the worldwide nature of the housing boom and bust. It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by the U.S. Fed.
The banks did this to compensate for the crappy loans they were forced to make. In the process, they found even MORE easy money to make stupid loans and speculations with, which was coming from investors that were getting easy money from the Fed.Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom.
The vast majority of subprime mortgages -- the loans at the heart of the global crisis -- were underwritten by unregulated private firms. These were lenders who sold the bulk of their mortgages to Wall Street.
Can't disagree there. Someone saying, "Interests rates are the price of money. Price controls never work," reminds me of the gibberish that Hans Solo blurted out in the first Star Wars movie, "You've never heard of the Millennium Falcon? It's the ship that made the Kessel run in less than twelve parsecs." Well, parsec is a measure of distance, not time, so this makes no sense.
Likewise, saying that "interest rates are the price of money," is nearly as nonsensical. Interest rates are the cost of money when borrowing (or earnings when lending) money. The "price of money," is related to what that money can buy and is measured by things such as the CPI. Now, the CPI, interest rates and inflation are relate. Interest rates need to be high enough to cover the expectation of inflation, since the money being paid back is "less valuable" due to inflation. This makes the attack on the Fed even more absurd. During the period that the Fed kept interest rates low, there was very little inflation and for a time, no inflation. There is no reason to have higher interest rates when inflation is low and there is high unemployment.
Can't disagree there. Someone saying, "Interests rates are the price of money. Price controls never work," reminds me of the gibberish that Hans Solo blurted out in the first Star Wars movie, "You've never heard of the Millennium Falcon? It's the ship that made the Kessel run in less than twelve parsecs." Well, parsec is a measure of distance, not time, so this makes no sense.
Likewise, saying that "interest rates are the price of money," is nearly as nonsensical.
rates need to be high enough to cover the expectation of inflation, since the money being paid back is "less valuable" due to inflation. This makes the attack on the Fed even more absurd. During the period that the Fed kept interest rates low, there was very little inflation and for a time, no inflation. There is no reason to have higher interest rates when inflation is low and there is high unemployment.
I don't watch price changes day-by-day but they are up recently. Oil accounts for 70% of the cost of a gallon of gasoline and can fluctuate due to policies.
In 2012, oil did spike due to both the Iranian dispute with the West over its nuclear program and issues with refineries. Oh, I don't see where gasoline prices were over $4.00/gal. during Obama's presidency.
This graph is a misrepresentation. Gas prices did indeed go over $4.00/gal in some areas. Remember this chart is an aggregate of gas prices across the entire nation.
The President does not determine the price of oil. The price of oil is free market. No one can dictate the price of oil....not the Saudis, not Iran, not Alaska, not Britain, not Texas...nobody. The price of oil is set by supply and demand.
We need higher wage inflation, not just price inflation.