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-The housing market stinks
-Banks can’t make loans
-Oil prices are only headed one direction—up.
It is a triple whammy. And here’s how it is playing out for some Americans.
You can’t afford to make your monthly mortgage. You can’t sell your house because its worth less than you paid for it. Nobody can buy your house because the banks won’t lend them the money. The banks can’t find enough capital to cover the declining value of their assets. So they start laying off workers. When your spouse looses their job at the financial services company, the mortgage is impossible. Your property goes into foreclosure.
So where is oil in all this. Rising oil prices just make matters worse. Travel to work, the price of rice, the cost of everything goes up. Rising costs just make it harder for the average American to squeak by.
Mark Zandi, Chief Economist at Moody’s Economy.com put it this way.
“If oil prices continue to march higher, not only will consumers be hurt even more, but it is possible that core inflation will also start to accelerate, and the Fed will feel compelled to respond. Policymakers know that the economy’s longer-term performance is critically dependent on stable core inflation. Rising core inflation will not only torpedo the near-term economy; it will weigh heavily on the economy’s performance for many years to come.”
Prices need to come down now. Send your friends and family an invitation to join the resistance. Invite them to sign-up to this campaign.
http://www.thepoint.com/campaigns/send-a-messag…
Make sure they click the link in the verification email, so their name gets added to the list. We need to send a message to the oil companies that we know whats at stake, and we want action. 23 of us can’t do it alone, we need as many people as we can get.
