[theholycow]

Bravo! Especially this bit:

Now, it’s easy for everyone to say about oil prices, “They should have seen it coming.” My answer to that is nobody saw it coming. Not the economists, not the governments, not the oil companies, not the smartest pundits in the world — no one saw it coming, not this kind of rise.

And to say that we recklessly and stupidly kept producing trucks in the face of it is just wrong. In fact, if we hadn’t kept producing trucks before the fuel prices rose, we would’ve been in a lot worse shape, and a lot more quickly. And if everyone is so smart except us, how come most of our import competition was rapidly rushing into the full-size truck market, just as the party was almost over?