Friday, September 02, 2005

I have no idea who has been talking about oil prices in 1980, but . . .

Economist David Rosenberg at Merrill Lynch says, in a research note titled You Will Never Hear These Words Again: " "Don't worry, gas prices are still below 1980 levels in real terms" … As if comparing things to 1980 was supposed to make anyone feel better in any event -- it was one of the worst recessionary phases the economy endured in modern times."

-Today's WSJ.

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