In my opinion: The OPEC cartel sucessfully carried out the most significant attack on the world economy over the last three years. They rasied the prices of fuel and brought the world in to a major recession. Before the raise in fuel prices our airlines were somewhat intact, transportation via truckers were profitable, prices of common goods such as groceries were lower and the list goes on. Think of the different perception you had prior to this.
An annual vacation was planned out. Holiday spending was profitable for merchants. Businesses were expanding. Your job was secure. We dreamed of a better life rather than the fear of who's next to be cut out of a job.
I've never heard the media ever say anything to this effect.
The oil companies currently make the same profits as when we had $4+ fuel costs. How is this possible?
So we changed our glutonous habbits and as an economic driver of the world we broke the system. Due in part to that loss of confidence of where are we going to be in the near future.
Those of you who have lost your job because of the economic times I feel sad for. The profit margin was low and those added expenses and lack of demand to your employers pushed you out of a job.
So look at the construction in Dubai and think.
There is the monument of the United States of American defeat.
I pray we can get out of this some day.

 

We'll get out of it some day.

I'm interested to know how you're sure that the economic hardships we're in are due entirely to foreign oil prices and not shady business practices, incredible amounts of greed and a near total lack of oversight in the American business system.

US companies have outsourced overseas for the last 30 years en masse.
US compaines have been profit driven by shareholders, cutting every possible corner and sacrificing integrity and quality while raising prices.

Everyone wants to blame someone else, but the bottom line is we wouldn't need foreign oil if we didn't demand it. We wouldn't need Chinese made goods if US companies didn't move the porduction there to increase profits.

I agree with some things you've said, but there is far more to it than we've discussed here.

Maybe it's time to start looking inward for someone to blame, instead of outward, like the big bank CEOs that are rolling in "retirement bonuses."