"What a bunch of CRAP. The current administration, just like Reagan, has spent more money and ran up more national debt than any so called tax and spend liberal democrat since WW2. Just the facts, ma'am. On whose watch did this market collapse happen?"

Nice try. But the graph you linked to is not controlled for the inflation of the dollar since WWII. Control it for the decreased value of the dollar in those 63 years and your graph turns upside down.

Secondly, you point toward the spending of Reagan. Are you aware who controlled the Congress during those 8 years? Dems.

Personally, I am not a huge fan of Pres Bush's domestic policies. What I am really tired of, however, is the constant vilifying of a president who inherited 9/11, the impending collapse of our industry, and who has prevented another attack on our nation and our way of life. As a retired Air Force officer, I have served all sorts of presidents. As an American citizen, Obama is now my president. I wonder how quickly you'll jump to criticize him if/when things go south with his administration and a Democratically-controlled House and Senate.

I suspect you won't be quite so eager to ignore "the facts."

Great post! I agree 100%

Oil below $44 now.

Oil tumbles below $44, gas hits new low - Oil & energy- msnbc.com

Or did I misread the thread title and is this a politics thread?

It appears to me as if this market is now being driven by true supply and demand and not market manipulation and speculation. If that is the case, we should see it stop around the mid to high 20's. Then it should slowly creep up about 3-5% per year to match the increased demand. Peak oil is a myth that was created by speculators to run the price to $147. Next year at this time the economy will be on the rebound, oil prices will be low, and hopefully this industry can get at least one good year before something else smacks us down.

The graph does not "turn upside down" when adjusted for inflation. The fact is that during this and Reagan's administration, deficit spending soared. Kind of like living large on a credit card. Remember, nothing becomes law without the POTUS signature (with the exception of a veto override). So this notion that it is congress' fault is a stretch. It is comical that you try to blame the congress of the last 2 years for this mess. I am really surprised you are not using the old...it's Clinton's fault. The truth is, if you look back to the bank deregulation bill of 1999, passed by a republican congress (Phil Gramm was the chief sponsor), and yes....signed by Clinton, you will find the culprit. Allowing wall street to police themselves and eliminating Great Depression era regulations was not a good idea. But hey, it was a good ride for 8 years. Now the bill is coming due.

They're all scumbags. I don't know why we're trying to blame just one of them. To all pilots who lost a pension, ask yourself who is supporting the Lost Retirement Savings bill? This should be a no-brainer yet it has moved nowhere in two years.

Well, I worked at Clinton's side for two years so I'd actually be in a good position to say its Clinton's fault. By the way, you wouldn't be my next door neighbor would you?

It doesn't need to be inflation adjusted because it's proportional.

Actually, Republicans controlled the Senate for six of Reagan's eight years. The Dems controlled the House.

What'd you do, and why do you say it's Clinton's fault?

I was his senior military aide, lived with him and his family in the White House, and traveled with him wherever he went. I've written several books about it.

My point, in terms of the current economic situation, is not to blame Clinton, however. I was just trying to break off the approach. The current situation is not Pres Bush's responsibility solely and I am tired of that very tired line. It leads me to think that the accuser is ill-informed and delusional.

My point is thus: Congress has every bit as much to do with the national budget as does the president. They are the ones that jam in the pork. It happens on both sides of the aisle. GWB is no more responsible for what has happened in the housing, automotive and services market than I am. To think that Barney Frank and Chris Dodd, the foxes in the hen house, are somehow going to fix the problems they created is ludicrous.

Bush Derangement Syndrome will probably soon become Obama Derangement Syndrome. It doe'snt serve our nation or our industry very well and it sucks up valuable oxygen.