Comments on: When the unthinkable becomes the inevitable, continued http://www.dinocrat.com/archives/2008/05/17/when-the-unthinkable-becomes-the-inevitable-continued/ Sat, 22 Nov 2008 03:00:49 +0000 http://wordpress.org/?v=2.5.1 By: gs http://www.dinocrat.com/archives/2008/05/17/when-the-unthinkable-becomes-the-inevitable-continued/#comment-311701 gs Sat, 17 May 2008 02:59:38 +0000 http://www.dinocrat.com/?p=6424#comment-311701 <i>But why were so many people wrong a year ago, and why has the previously unthinkable now suddenly become the inevitable?</i> <a href="http://www.publicradio.org/columns/marketplace/farrell/2008/01/keynes_on_professional_money_managers.html" rel="nofollow">Because</a>:<blockquote>Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.</blockquote>*********** IMHO one of the things that bursts a commodities bubble is that high prices elicit new sources of supply. Unfortunately, <a href="http://pajamasmedia.com/instapundit/archives2/019301.php" rel="nofollow">Instapundit</a> notes that the Senate just blocked exploration of Colorado oil shale, and asks if senators are on the Saudi payroll. I'm not sure how much he is joking. Line up those six- and seven-figure post-retirement Saudi speaking and consulting fees, posture for the Gulfstream environmentalists, and pass the consequences on to the peasants and be ready with moral condemnation (or price controls and rationing) if they complain? But why were so many people wrong a year ago, and why has the previously unthinkable now suddenly become the inevitable?

Because:

Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.

***********
IMHO one of the things that bursts a commodities bubble is that high prices elicit new sources of supply. Unfortunately, Instapundit notes that the Senate just blocked exploration of Colorado oil shale, and asks if senators are on the Saudi payroll. I’m not sure how much he is joking. Line up those six- and seven-figure post-retirement Saudi speaking and consulting fees, posture for the Gulfstream environmentalists, and pass the consequences on to the peasants and be ready with moral condemnation (or price controls and rationing) if they complain?

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