News for hackers. Stuff that matters.

A comment on The Saudis Are Lying About Their Oil Production?. Parent comment

Re:The Saudis Are Lying About Their Oil Production? by Jweb_Guru on Wednesday September 25, 2019 @02:13AM (#21068147)
I'm not implying a correlation--there is one, along with a very longstanding correlation between oil consumption and GDP. What I'm implying is the much more contentious claim that this relationship has a strong causal component, too.
[ Parent | on HN ]
Re:The Saudis Are Lying About Their Oil Production? by rohit2412 on Wednesday September 25, 2019 @10:18AM (#21070999)
Weird. I thought it was common opinion that recession occured from housing mortgage defaults and the subsequent credit crunch.
[ Parent | on HN ]
Re:The Saudis Are Lying About Their Oil Production? by BlueTemplar on Wednesday September 25, 2019 @02:54PM (#21073985)
What started the mortgage defaults though ? (And, also, couldn't cheap oil have maybe helped with the overbuilding of houses in the first place ?)
[ Parent | on HN ]
Re:The Saudis Are Lying About Their Oil Production? by tatersolid on Wednesday September 25, 2019 @06:07PM (#21076117)
> What started the mortgage defaults though?

Good old-fashioned fraud. Oil prices had nothing to do with it.

Source: acquaintance who spent three years in court testifying about the rampant fraud in the mortgage industry. He worked for an investment bank which is no longer with us.

[ Parent | on HN ]
Re:The Saudis Are Lying About Their Oil Production? by BlueTemplar on Thursday September 26, 2019 @05:09AM (#21079373)
I'm well aware of the structural fraud. My point is that the reason that the bubble popped at that point (and not some years later) were the skyrocketing oil prices, themselves a consequence of (conventional) peak oil.

But I guess that it's a bit academical, as that bubble would have popped soon enough anyway...

[ Parent | on HN ]