With Peter’s permission, I repost below the full text of his latest missive:
In October 1974, President Gerald Ford decided that the way to defeat the then prevailing 7% inflation rate was to go on television and ask the American public to wear “Whip Inflation Now” (WIN) buttons.
Today, our 43rd President joined in that great tradition — sending his spokesman to tell the media that “we want to continue to see oil prices come down and gas prices come down so that they are more affordable for the American people.”
After watching the President’s recent hand-holding stroll through the bluebonnets with Crown Prince Abdullah of Saudi Arabia, which accounts for 20% of US oil imports and 95% of the 9/11 hijackers, today’s statement leaves a bit to be desired.
How serious can the President be when his corporate campaign contributors are so heavily tilted towards energy and defense? As I noted on Wall $treet Week a few weeks ago, these companies have enjoyed a 101% increase in their stock prices during the President’s tenure while the S&P 500 has tumbled 13%.
To get lower oil and gas prices, the President will need to come up with something a bit better than coupling campaign- contributor-friendly policies with a WIN-redux campaign.