Quote of the Day: Oil & Recessions
Hard to argue with this:
"Nothing has been a more reliable indicator for an upcoming recession as the price of Oil. Every major bear market, every major economic decline has been preceded by a large spike in oil prices. The 73-74 recession, recession of beginning 80's and the recession of 2000. Oil prices jumped 80% between 1999 and 2000. Oil prices have been the most important indicator of major economic disasters. Whenever Oil prices rise about 80% from year ago levels, a fair chance does exist that a recession/bear market will follow."
-Stephen Leeb
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Thursday, June 26, 2008 | 04:30 PM | Permalink
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Unfortunately...he is only looking at the effect (high price) and not the cause (debased dollar).
Posted by: Chris | Jun 26, 2008 4:40:04 PM
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