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Recession Was Caused by Bad Mortgages or the Oil Shock?

Posted Jan 22nd 2010 10:30AM by Joseph Lazzaro (RSS feed)
Filed under: Oil, Recession, Financial Crisis

The consensus on Wall Street and in Washington is that the financial crisis stemming from toxic assets that were packaged/sliced/diced to mask bad subprime mortgages led to first the U.S. recession and the global recession.

But not everyone agrees. Jeff Rubin, former chief economist for CIBC World Markets, argues that the U.S.'s worst recession since the Great Depression, and the first global recession since the end of World War II, was caused by the 2007-2008 oil shock and over reliance on that high-priced crude, The Toronto Sun reported.

Continue reading Recession Was Caused by Bad Mortgages or the Oil Shock?

CIBC's Rubin also sees oil above $100, and soon

Posted Oct 4th 2007 4:43PM by Joseph Lazzaro (RSS feed)
Filed under: Other Issues, Commodities, Oil

The thesis arguing that oil is headed toward $100 per barrel, soon, and is likely to remain above that level for years to come received another data point of support from an economist with a major investment bank.

Jeff Rubin, chief economist with CIBC World Markets, said $100 per barrel oil could become normal as early as 2008. Speaking at CIBC's 2nd Annual Industrials Conference, Rubin said declining supplies and rising consumption are driving oil's price higher. In addition, oil consumption is growing faster in OPEC countries themselves, who will start using more of their resources for domestic consumption.

Rubin's analysis is compelling and illuminating for two reasons.

Continue reading CIBC's Rubin also sees oil above $100, and soon