Oil Price - Another Bubble Yet to Burst?
Finally, some significant drop in oil price! Crude dropped more than $10 in two days. While most people watch the miserable traders in delight, one has to remember that this might be another nightmare for millions of families.
Like the once red-hot stocks and housing markets, this is likely to be another example of bursting bubble created by zealous speculators. It reminds me of the “Great Leaps” led by Mao in the 60s Communist China. Millions of people died as a result of the craziness. How many people will be put into poverty this time? Only time can tell.
Speculation is intrinsic to any free market; but it seems people all of a sudden start to speculate too optimistically, too boldly, and too much. Why? Why now?
Is it somehow related to the “secret” sentiment? Think rich and you will get rich; you’re what you think you are; thought creates reality…
Or, are we just getting too impatient and too greedy?
Posted on Wednesday, July 16th, 2008;
filed under Life, Dream, passive income.
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Thanks for visiting. All considered, life is but a dream. -
July 30th, 2008 at 9:36 pm
You’re right - people are just getting too greedy. It’s good to see the crude drops; but it would be better to see the gas price do the same. My gas station lowered its unleaded by 2 cents this morning… I heard that they have been selling gas at a loss recently.