This was a Weakonomics week for the ages.

First we hear about Fannie and Freddie basically being nationalized. A post is coming next week

Then the middle of the weak Lehmen Brothers goes up in flames.

The week ended with Ike hitting Texas, with the media claiming damage at first at $100 billion. This morning they decided it should be $1 trillion. Millions of Americans bought gas yesterday because they thought gas prices were going to spike.

Gas prices spiked BECAUSE millions of people ran out to get gas. If there was going to be a true supply disruption, the experts that buy oil to refine would have had to pa more for oil FIRST. In case you didn’t know, on Friday, gas touched below $100 a barrel.

If you bought gas yesterday out of fear, you should not be allowed to vote, or breathe.

Related posts:

  1. Weakonomics Weekend Edition: Memory Lane
  2. Weakonomics Economic Review of the First Half of 2008
  3. Weakonomics Best of 2008 Awards
  4. Micropayments: The Holy Grail of Online Business
  5. Weakonomics Weekend Edition

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