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Egypt's Military Disolves Parliament, Says New York Times; Anybody Want to Guess About Price of Oil?

By Joseph McDaniel, Esq.

First, when I read a headline like "Egypt's Military Dissolves Parliament", I get a bad feeling.

Remember the nice, democratic government that was set up immediately following the Russian Revolution?

Well, there was a nice, democratic government right after the Czar stepped down, which government was shut down by the Communists soon after the abdication of the Czar, followed by the murder of the Czar and his family. And the rest was history.

But whether shutting down Parliament in Egypt was a good idea, or a bad idea, this much is certain to me: oil prices are going to go up.

And that will be very, very bad for the United States Economy.  Particularly here in Arizona, where we have wide-open spaces that induce agoraphobia in easterners (which is always fun to watch).  And the vehicle of choice is now and always has been the pickup truck.

These days sometimes replaced by the Escalade, but still.

Oil price increases are bad for Arizona farming, restaurants, and businesses in general. Public transit works well when you have a bunch of people jammed into a small space. Phoenix, Scottsdale, Chandler, Mesa, Gilbert and Glendale, as well as Tempe, are all really one BIG city, and people who live here drive to each of them frequently in the ordinary course of business.

Of course, that may change as the price of oil increases.

But higher oil prices mean more bankruptcy cases in Arizona and everywhere else in the United States.

And I think that's a bad thing, even though I'm a Phoenix Bankruptcy Attorney. 

Full post as published by Arizona Bankruptcy Attorney Blog on February 13, 2011 (boomark / email).