Cowgirl
Well-Known Member
....you make the incorrect assumption that high oil prices caused the global downturn, yes?
Housing killed the US, people stopping paying $2,000 a month mortgages, not an extra $200 a month for gas. Everything else crashed from there; construction, appliances, consumables, imports, etc.
Oil producers merely took the drunks money as they ordered another round for the house. The suffering they could have alleviated is marginal, so, why not take the cash?
I would think that the rising gas, fuel, food, etc prices made it next to impossible for people to pay those mortgages. Combine rising commodity prices with increased layoffs, and people start going into foreclosure.