"The last time the price of oil topped $100 a barrel for an extended period, we ended up in a global financial meltdown. Is this time any different?
Not much.
All of the excessively financial leverage and fraudulent derivative wealth we had during the last melt down is still in place. Total debt to GDP levels in the US are about the same (370% of GDP or so). No reforms were made on Wall Street. Nobody at fault for the fraud that led to the last melt down went to jail, so behaviors haven't changed."
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