The Pension Razzle Dazzle

Bill Fleckenstein on why oil’s not the outrage.

First off, a rant on the lunacy surrounding the fact that oil companies are making money.
The weather vanes in the Senate have held hearings about oil-company price manipulation. There has also been plenty of incoherent chatter about price gouging, much of it coming from TV talking heads who ought to know better.
…If the Senate and TV commentators want to be outraged, why not look into the real abuses occurring in the somewhat obscure pension-accounting arena? It essentially impacts only a few dozen large corporations, but it affects hundreds of thousands of lives.

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