and calmly leave the building.
What Goes Up : Inflation surged in June at the fastest clip since 1981, while consumer spending fell two-tenths of a percent. Things cost more & we've got less money.
No-No: Bush, McCain and the GOP in general want to stampede the public into 'opening the continental slope to off-shore drilling. Never mind that the odds are against significant recoverable oil being found. Or that if it is, it can't be brought into production for 10 years. And that even then it would be an insignificant drop in the barrel. But them's the facts, and telling the truth is not what politics is about.
One View: Melting ice caps, acidifying oceans, windfall oil taxes - distractions, one and all. The most serious problem confronting the world is husbanding enough fuel to both develop an alternative energy regime and to avoid a crippling recession so a workable alternative energy regime can be financed.
Multiple Choice: Can the US economy survive the current mess? (a) No. (b) No. (c) Hell no. (d) All of the above.
Perspective: The housing vacancy rate has about doubled during the current housing contretemps. To return to an historically normal rate, about a million of these houses need new owners. Pull up a chair, this could take a while.
It's A Gas: Edmunds, the car people, report that the median household ($48k) is spending 11.5% of its income on gasoline, up from 4.6% of its income five years ago. They assume 30,000 miles in various vehicles, which might not be as far off as it seems.