Obama's Ignorance of the Markets
We already knew that Obama is clueless when it comes to economic and tax policy. Now we also know that he is clueless about how markets work. Regarding drilling for oil, this is what Obama said:
Don't Democrats know the most basic rule of capital markets? All securities, including oil futures, discount information regarding future fundamentals, including future supply. Regardless of whether the oil wouldn't come online for several years, I think an announcement that we will drill offshore and in ANWR would lower oil prices by $30-40 within weeks. Yet Obama doesn't have the slightest idea what drives oil prices. I wonder if he thinks biotech companies are completely worthless because they may not have commercial drugs for several years.
"There's no way that offshore drilling would lower gas prices right now."
Don't Democrats know the most basic rule of capital markets? All securities, including oil futures, discount information regarding future fundamentals, including future supply. Regardless of whether the oil wouldn't come online for several years, I think an announcement that we will drill offshore and in ANWR would lower oil prices by $30-40 within weeks. Yet Obama doesn't have the slightest idea what drives oil prices. I wonder if he thinks biotech companies are completely worthless because they may not have commercial drugs for several years.
posted by Richie Rich | 8:01 PM
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