Wednesday, October 31, 2007

Stupidest sentence of the year award goes to....

"WASHINGTON (AP) -- With oil prices soaring and the housing market sinking, the Federal Reserve is likely to combat the economic turmoil with more interest rate cuts." courtesy of Martin Crutsinger, AP Economics Writer. Any economics writer who writes what he wrote should be fired and banned from economics writing for life.

What he wrote is this "with a house fire raging out of control, gasoline is likely to be doused on the fire to combat the smoke."

Once again for those of you in the MSM with a B.Sc in Stupidity:

Lower interest rates causes a weaker dollar. Oil is priced in dollars. A weaker dollar raises oil in dollar terms. Therefore cutting rates to alleviate economic turmoil brought on by high oil prices is completely the wrong thing to do. How hard is this concept to understand?

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