Wednesday, October 15, 2008

Bail out the Oil Companies!

The price of a barrel of oil has dropped nearly 50%, to below $75, in just a few months. Surely this is a worse crisis than the 20% drop in the Dow. Aren’t the oil companies deserving of their own bailout? After all, it’s not their fault people lost money in the credit derivative markets due to government interloping and can no longer afford to speculate in crude futures. About $500 billion ought to do just fine.

For the public service of providing this vital insight to the market, I’ll take a tiny 1% cut of the gross. Really.