Tuesday, February 3, 2015
As a retired guy mostly counting on investments to sustain my financial needs, I'm happy when the stock market rallies, no matter the reason. But really? This latest rise is because the price of oil is increasing? That's what they say, whoever "they" is.
I'm no economist, but it seems pretty clear that the only people who benefit from rising oil prices are oil companies and those who invest in them. Not insignificant, I suppose; but doesn't cheap fuel benefit the hundreds of millions of people who aren't invested in oil a lot more than the relatively few who are? Isn't it a lot better for capitalism when people have extra jingle in their pockets, to spend on the stuff that businesses other than energy companies make?
So, intuitively and otherwise, it must be the case that the economy does better when fuel is cheaper; yet the Dow rallies on the opposite news.
My point: is that screwed up, or what? Why should the financial status of average investors depend more on the whims of a handful of hedge-fund managers, than on the health of the economy at large? It's all-year opposite day, and it's unsettling.
Yeah, boo hoo, right? But it's another demonstration of how little the average person is in charge of anything.
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