THE MADNESS OF CROWDS:

Oil Could Hit $35/Bbl Without Major OPEC Cuts (Brian Baskin, November 21, 2008, Dow Jones Newswires)

Oil prices are likely to sink as low as $35 a barrel without a massive production cut from the Organization of Petroleum Exporting Countries, Lawrence Eagles, head of commodities research at JPMorgan Chase & Co., said Friday.

Perhaps the media and politicians should be barred from commenting on economics, given that they've whipped up a frenzy over a burst housing "bubble" that's really just a brief correction and ignored the bursting of the actual oil bubble.

Posted by Orrin Judd at November 21, 2008 1:01 PM