"...the oil stocks are already the 'whipping boys' of the energy crisis, and Washington is playing the 'windfall profits' theme for all it's worth."
-Richard Russell. Dow Theory Letters. December 5, 1979.
The preceding comment was found in the Dow Theory Letters at or near the peak in oil prices. It seem that politician at the time were doing the same thing that they were doing during the congressional hearings with oil executives back in 2008.
The beauty of all this information is the fact that unlike other types of history, financial history does repeat itself. Of course there are minor difference in the names of the people but economic history points to the direction that things are headed. To me this means that the response by the government to the current economic malaise is only going to extend the pain rather than solve the problem. Touc.
