Posted By:
joe brennanMathew, Again well written and your points are well taken. The fantasy remark was not about you financial knowledge, but you saying baseball cards are a better market than art. I agree that speculation into unknown artists is always a risk. Most serious art collectors buy what they like and could care less about value or investment. Then of course you have the people that buy and hope to turn a profit, just like in any collectible, they are likely to be disappointed. Baseball cards also fall into that same catagory. If you buy hoping to flip and not what you like, you are likely to be disappointed.
We buy cards because we love the history and hope they at least hold their value.
Now the oil market. Only OPEC is to blame for the current prices. Almost all oil producing nations set their incomes and buying habit when oil went over $100 a barrel. As it fell they had to produce more to pay their debts and feed their economy. They don't grow corn over there. If the oil stops, their economy collapses. As the price dropped, the more they had to pump. The domino effect. I predicted gas would hit $1.35. People thought I was crazy.
OPEC continues to say they are going to cut back production. They can't. It's a scare tactic to try to bolster the price per barrel. Gas companies have to use their supply in 90 days or less or it turns bad in the ground. Hence the ever continuing lowering of gas prices. Urge people to drive to get rid of their supply before it goes bad. OPEC's poorer nations are now stuck with huge debt from over buying and cannot cut production or their people will starve.
Mathew, I really enjoy your posts and talking to someone with knowledge and I hope for everyone our economy pulls out of this a bit earlier than you predict. None the less, it is a pleasure talking to an intelligent and level headed poster. Take care, Joe
In Rememberance of James W. Brennan Sr. 1924-1982. Dad, thanks for everything you did for me.