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Monday, September 26, 2005

The Bully Pulpit

Maybe I'm reading the cause and effect wrong here, but it seems as though before aWol started talking about conservation a couple of hours ago, both oil and gasoline prices were falling and the stock market was rising. Since then, oil and gas prices have gone up and stocks have gone down. I wonder which explanation is more likely:
  • Traders doubt that anyone listens to W anymore, so they don't expect any conservation to result--hence, higher prices.
  • Traders figure that if W is calling for conservation, the situation must be desperate.