How do you interpet the meaning of the word, "plummet"? To me it means a sudden, measurable drop. Is six or seven dollars a barrel for oil amount to a "plummet"? Hardly. But that's how the media is presenting the negative blip that will barely be felt at the pump.

Also, I read where several banks are in trouble, one of which is Colorado Savings & Loan. That's hitting close to home. I recall another Colorado S&L, the one the Bush boy was involved with, took a bath that cost the tax payers bundle a few years back. As I recall he came out smelling like a rose.

Personally, I'm not overly concerned with the yo-yo Dow and oil price. I figure it will stablize in due time, not go back to the prices of plenty, but find a plateau we will all learn to adjust to. The Dow, like always, will continue being propped-up simply because the world economy would not stand still for Americas dollar/based financial prop to fall on its ass -- an event that would take them right down the tubes as well. This is not 1929. Our insured savings program, while it might take a hit to the jaw before it's over, will save most everyone's butt -- except those who end up paying for another bailout they do not benefit from.

Let's face it, folks. Bush says the economy is in a "up" pattern and, . . . . would he lie about something as serious that that? Perhaps, the figures he's being fed are somewhat like those concerning Mass Destructive devices Saddam supposedly had, and in the end he'll have to blame the disaster on "bad coaching" from his advisors. Naw-w-w-w!

Gramps

Aw, Shucks, Gramps. I thought sure you were going to tell us the oil prices had dropped at least $20 per barrel. I don't call six or seven a "Plummet". More like a smidgeon.

As I understand it, approximately 1000 banks across the nation are at risk of failure; many more are headed in that direction. $6 - 7.00 per barrel is just a drop in the bucket. I'm glad I drive a hybrid!

What I read this morning was ,100 banks and that most banks in trouble do not fail.

Rumors are the main trouble,such as the Schumer letter and it caused people to panic.

People have to stop listening to the hysterial press.

At least we had a drop,Gramps.Better than nothing.As for the stock market, if you cannot stand the heat,etc. It goes up and down.Granted,it has been mostly down the last few years with a few ups.

I can still get 4.5 and 5% on CD's.Just transferred one this week.At least you can maybe stay even.

Gramps: "Let's face it, folks. Bush says the economy is in a "up" pattern and, . . . . would he lie about something as serious that that? '

Figures don't lie, but Liars damned sure figure.

Good post gramps.

Enjoyed your post, but don't get scared...

These things must happen--the greedy rushing in to take what they can; destroying the earth ship we call home. But some are not taking this approach.

One good lesson to review on Sundance channel, or others, is the GARBAGE WARRIOR. This is a New Mexico entrepreneur of sustainable living. After watching his story on TV you will find that there are many of us out here that are OUTSIDE of the box thinking about how we can stop wasting and start saving our already paid for garbage.

To tell you the truth I consider all my garbage MINE. I have learned long ago how to deal with this utility and regard it as another dying money maker for the elite. Ask me how and I will be happy to help you get rid of that expense too.

Oil prices started off at $86.00 dollars a barrel as I recall. I used to post those charts here and on WAR STORIES for all to see how we have been lied too over the years. By WWI, if you look at the WHOLE CHART, petroleum was hardly nothing, but in those days if you recall we had trains and other means of transportation to offset stupidness we observe today.

Even WWII didn't increase the cost of fuel much as you can see on the chart when you find it. Korea and Viet Nam neither! It wasn't until the Yom Kappur [sp] War in the early seventies, as I recall 1973, that oil prices suddenly shot up and for the first time we had lines of cars waiting for gasoline. I was in Guatemala at the time and every service station was put on notice to sale only $2.00 worth of gas, but the prices had not increased! I recall stopping at every station and buying $2.00 worth of gas on the way out. Honduras and Belize were the same way, but once I got back into Mexico I could buy all the gas that I wanted. My motor home had two tanks, one a thirty gallon tank and the other a fifty-five gallon tank I installed purposely for the trip. Gas was still 19 cents a gallon in Mexico!

Once back in the United States with the beast I was driving and living in I parked it. Little did I know then, just as we don't know now, what surprises the oil cartel had in store for us, and no one even heard of this war back then. That's when the United States was cut off from Arab oil.

Of course all of this had an impact on our standard of living and gas went to 39 cents a gallon; 59 cents a gallon and hung there for awhile but the gas lines dissappeared! Now you would have thought that those lines would still be present, huh? The Alaskan Pipe Line was still under construction for I had just left Anchorage in 71-72.

The people learned to live with it like the proverbial frog in water heated gradually. It was not our's to understand which is our fundamental basic problem. So, we continued...

You know the story from there as each administration MISHANDLED our economy until we are where you find us today.

Seasoldier/Great post grandpa.

Shirley I would love to tell you that oil dropped twenty dollars. But I'd be lying and I hate to lie when the truth is easier to explain. I do think oil will drop before it stabilizes but not on a scale we'd like to see. When I was discharged by the Army gasoline was 19 cents per gallon. It's seen a 2000 % increase since then, most of it due to the more recent, phony scare about shortages. We had just come off of a war that consumed oil beyond our imaginations, but there was really never a shortage, just curtailments in civilian use to make sure there wasn't. I recall of once reading that the Army Air Corps burned over 200,000,000 gallons of gasoline in overseas use during the month of March, 1945. One branch, one month. And we managed to keep supply lines open and full without very many glitches, unlike the Germans who found themselves strapped for fuel as the war continued.

Gramps

when my husband was in the AF in 1951 and gas was 30 cents per gallon.

The problem nowis that there are so many fingers in so many pies that it's near impossible to track down the culprits and what's truth and what's myth.