The pundits of doom are reappearing. This time it concerns the negative effect of the substantial and rapid decline in crude oil prices. If the price of oil remains in the $70 dollar area it will cause the need for certain economic adjustments. Some pundits are comparing the oil price decline to the housing crisis.
This is totally wrong. The comparison is little or none. The reason is that there were no real beneficiaries from the substantial decline in home prices. There are countless beneficiaries from the substantial decline in crude. That is the vast difference. It will work out that way.