Well, it's not just gas prices... it's energy price increases en generale. That creates a huge inflationary force that can only be battled by the Fed (even though Bernanke isn't quite the inflation warrior that Greenspan was) with higher interest rates. Ergo, the cure to the problem actually causes some worse problems in our factionalized economy... housing will continue to struggle with higher rates, small biz gets wacked because they are generally leveraged more than the big guys, and small biz employs two-thirds of America's workers. The oil price ripple affects a lot more than just gas prices... I wish it was that simple.
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