This Isn't the '70's

Gas prices appear to have hit their high, and are on their way down. Wonder why this isn't being covered by the MSM? Maybe because it's good news for a change:

The story of Hurricane Katrina is first and foremost a tale of the wrath of Mother Nature and the resulting human misery: thousands of deaths, destroyed homes and businesses, family break-ups, psychological demoralization, and other hardships too painful to recount. But Katrina is also an economic story in terms of its impact on U.S. commerce, trade, energy, shipping, and overall growth. Here the doomsayers and pessimists are once again going to be proven wrong. This is not the 1970s.

Thanks Larry. I needed that. And this:

In fact, the economy going into the Katrina shock is very healthy. Last week we had another strong jobs report, with unemployment declining to 4.9 percent. Employment in the U.S. stands at a record 134 million business payrolls and 142 million people working. Unlike the 1970s, when real profits were declining, American business today is highly profitable, registering huge productivity gains with enormous cash on hand. That’s why stock prices actually increased during the Katrina breakout, a market signal of confidence in the economy’s future outlook.

And most of all, this:

In a week’s time, the Louisiana Offshore Oil Port moved back to 75 percent capacity, as did the Colonial pipeline. Shell’s Capline system and the Plantation pipeline are almost back to capacity. These are remarkable achievements. Our energy companies should be praised by the public, not sullied by cheap-shot politicians. Widely predicted gas shortages never materialized during one of the biggest driving weekends of the year...
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Transportation in the Gulf Coast will be rerouted to Jacksonville, Florida, and points north. Energy slack will be picked up by Houston. Shipping and trade will swing over to the Port of Miami. Think market resiliency and flexibility coupled with economic incentives, and glued together by our remarkable information- and communications-technology systems. Even a temporary $100 billion economic loss will not stop American free enterprise from moving forward.

It’s all we can hope for and more. Perhaps our economic success will help relieve the demoralization and misery left in Mother Nature’s wake. But one thing is for sure: Ours is a wealth-creating, opportunity-opening economy that does not teeter on the edge of destruction. We will move to new higher ground before long.

Doom and gloom gets the ratings,but optimism, and free market ecomomies keep America moving, as long as the left can stay out of the way.