Did the oil companies raise their prices to take our rebate checks from Walmart???
No, every time the dollar drops a point, a barrel of oil goes up about 4 bucks. So expanding the money supply by printing those checks just had the effect of raising commodity prices, and it is a net loss for most people (commodity traders and those invested in commodities have benefitted however). It never ceases to amaze me that folks think this economic policy of expanding debt has no cost. I will be long deceased before the cost of this monetary expansion have run their course. In terms of economic policy, I put the Bush Administration way down there around the ranking of the Hoover Administration.
