Blame pump prices on Fed

I find the current set of explanations for the recent skyrocketing prices of petroleum quite amusing. People like to point out such explanations as “increased global demand” or “environmental regulations that stifled exploration” or “OPEC price fixing.”

These are true to some extent, but the real reason is the falling dollar and speculators hedging against further erosion of the dollar. The reason the dollar continues to fall is the rampant “printing” of money by the Federal Reserve.

The reason the Fed is doing this is to bail out banks that made billions of dollars of risky home loans available to people that had no business acquiring such loans. The CEOs of these banks and mortgage corporations felt no risk or exposure to themselves as they were making these loans available because they were fully condoned by the Bush administration, and if (or rather when) the loans went bad, they knew that the Fed would back them up and print some more money to make them solvent again.

Please keep this in mind next time you fill up; you are bailing out poor decisions made by filthy rich bankers on Wall Street and the lack of regulation by the Bush administration.

Reg J. Davenport

Evans, Wash.