Legal Commentary

The Bush Depression's Silver Lining

By Big Tent Democrat

Glenn Reynolds writes:

THEY TOLD ME THAT IF WE TOPPLED SADDAM HUSSEIN, gas would be cheaper than it was in 2001. And they were right!

Professor Reynolds is confused regarding the cause of the drop in gasoline prices. The Iraq War did not lower gas prices (in fact, there is strong evidence it raised petroleum prices). The Bush Depression did. From the article cited by Reynolds:

The tumble in [gasoline] prices, from a high of more than $4.05 in early July, has meant incredible savings. Republicans said Democrats should issue a mea culpa. "I wonder if the same people who blamed the president for the increase in prices will now credit him with the reduction in prices. It's only fair," said Don Stewart, spokesman for Senate Minority Leader Mitch McConnell, Kentucky Republican.

(Emphasis supplied.) Indeed, Bush and Republicans should be thanked the way Hoover and Republicans were thanked for driving down commodity prices during The Great Depression - by decades in the political wilderness.

Speaking for me only

Full post as published by TalkLeft on January 06, 2009 (boomark / email).