From: John Adams
It was a myth – that housing prices would continue to rise. Unfortunately, industry and government bolstered the myth, and that resulted in artificially inflated housing prices, bad national policies and irrational financial investments. As a result, our financial institutions crashed. Now, another myth is catching hold – that our economy can afford $4 gas. Policymakers in the new Obama administration may soon foist an energy policy on all Americans that is based on a myth -- actually, a hope that costly alternative fuels will gain such acceptance that drilling for low-cost domestic oil and gas can be banned. Another economy crippler!
While the disastrous housing myth has the economy reeling, sadly, another catastrophe may be on the way. Unless President-elect Obama insists that market realities drive our energy future, we will see the abandonment of affordable oil and gas for costly wind, solar, biomass and other unproven fuel sources. It could be a bleak future indeed.