LAT: Katrina's consequences -- global energy shock?
Posted by Prof. Goose on September 1, 2005 - 1:57pm
“What people need to hear loud and clear is that we're running out of energy in America.”
—George W. Bush, May 2001
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Nope, they don't get it yet. They're circling in on the target, fighting their way through tropical storm wind gusts of denial.
The Day the World Ended
by Charles Mackay, Wednesday August 31 2005
Wall Street Examiner
The energy price shock wave, greatly amplified by the monster Hurricane Katrina, is blasting away expectations that market forces will gently guide the US through the developing economic crisis.
The Countdown to Recession had already started before Katrina was even a ghost on some weather person's radar screen. Yet after it was apparent that Katrina would batter the southern Gulf coast of the US, the Wall Street Journal blithely announced on Monday (August 29), in a front page story, that "broader economic forces have been offsetting the oil shock." Outrunning would have been a better word.
http://wallstreetexaminer.com/?itemid=1432