[anthem]

I saw this in our local paper and found the link on Yahoo News. It seems Mr. Buckley has it all figured out and there is a market solution to the oil/gas price problem:

Looking Ahead: Oil by William Buckley

He addresses the ramifications of continued high oil prices, but unfortunately does not have a clear understanding of the true problem. Of course, very few people do, especially pompous fools like Buckley. I figure those "smart" enough to read the editorials by vocabulary-vomiters like Buckley probably consider themselves to be experts on everything anyway. The problem is they'll take Buckley as a reliable source and blame the Saudis and bad government policy instead of digging a little deeper.

[MicroHydro]

The worst part is the Buckley and Buchanan are liberals compared to the junta controlling the US

[I_Like_Plants]

They're old-style, old-time Conservatives, not neo's, and yeah in a lot of areas they're terribly "liberal". They actually believe in representative gov't, individual freedoms and responsibilities, and all kinds of ideas that make the present junta very uncomfortable.

[MonteQuest]

This, however, is spot on:

$this->bbcode_second_pass_quote('', 'R')unaway prices on just about everything take the Federal Reserve Board by surprise. Determined to keep interest rates low and dulled by their own assurances that inflation is somnolent, the Federal Reserve's governors are ill-prepared for the economic crisis. The Fed belatedly boosts interest rates a full 2 percentage points.

The heretofore unheard-of move jams on the economic brakes so swiftly and so sharply that you can almost smell the stink of burning rubber. Higher mortgage rates stop would-be home buyers dead in their tracks and cast a pall over the building industry. The real-estate market crashes almost overnight, wiping out billions of dollars of paper profits and putting holders of adjustable-rate mortgages and home-equity loans in peril. Foreclosures and tax-default auctions become common, consumer spending dries up, and soon the entire world is in a recession.

[Colorado-Valley]

That's what Paul Volcker did when he was Fed Chairman, and it caused a major recession. But it did kill the inflation monster.

Volcker must think Greenspan's an idiot for letting the bubble get so out of hand.

[sdcoyote]

Volker is not the only one who thinks Greenspan is an idiot.