As gasoline prices continue to surge day after day (and with WTI touching $109 today this will continue for a long time), the peasantry is getting restless. Not only that but it is getting nosy. In fact today some plebs had the temerity to seek answers from the teleprompter over the festering question of just how long will Bernanke, pardon, UK stagflation, pardon, default Portugal, pardon, healthy worldwide demand keep pushing gas prices to $4, then $5, then $6, and eventually to the price paid in Europe: about $9. The response was straight out of Charlie Munger'sfrontrunning) playbook (non-: "I'm just going to be honest with you. There's not much we can do next week or two weeks from now," the president told workers at a wind turbine plant (one operated by Spanish company Gamesa). "Gas prices? They're going to still fluctuate until we can start making these broader changes, and that's going to take a couple of years to have serious effect." And we doubt Obama's hard core union electorate will be happy at the following stab at Channel Stuffing Motors: "If you're complaining about the price of gas and you're only getting 8 miles a gallon, you know," Obama said laughingly. "You might want to think about a trade-in." Let's hope the people don't get the same idea about the presidential office two years from now, even after the $1 billion spent on TV ads. As to the core question, we were surprised Bill Dudley was not present at Obama's side explaining how deluded complainers should just have a chilled glass of unleaded 98 Octane with their main course of deflationary iPad 2.
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