10010011 said:
Um wrong, Jimmy Carter and did not cause the feul shortage in the 70's...
The oil crisis began in earnest on October 17, 1973,
If you had read my post a little more carefully, you would see that I pointed specifically to the 1979 gas crisis brought on by US Government intervention when Jimmy carter instituted price controls. Granted the two events were partially related, but they are also two distinctly different events. I was clearly referring to Carter's blundering attempt to ‘fix’ things with price controls in 79, which in turn, caused the ‘79 crisis. Understand? In the end, all he did was foul everything up much worse.
Needless to say, it was a huge mistake and many experts in the industry warned Jimmy of exactly what would happen before he did it, but he did it anyway. I don’t know.... maybe being that he came from a big government democrat 'school of thought', he thought the government could preside over and control the laws of supply and demand?? I'm not sure, but either way, he was sadly proven wrong. Luckily ronnie came along shortly afterwards to clean the '79 mess.
What really boggles my mind is that even today, I hear left leaning broadcasters suggesting that we employ price controls once again to 'fix things' today. Don’t they have a grasp on history, or learn from past mistakes?
........it just blows me away!!
I have watched quite a few of these recent oil exec 'interrogations' in recent months by the media, and more than a few times, the strong suggestion that price controls were necessary to fix the current problems were voiced. Needless to say, the oil execs didn’t waste any time re-educating the naive interviewer in a crash course in economics 101.