Friday, May 23, 2008

Art Cashin, May 23, 2008. CNBC.

Again, Art Cashin is one of the only regulars on CNBC worth listening to. Today, Erin and Mark asked him about the price of oil.

Art Cashin: Well, China and India keep subsidizing things. China just had a huge earthquake and they're not going to stop subsiding right now and risk a populist problem... So, oil demand is going to stay.

Erin: People look a the last few years, and oil has tripled, but stocks have also done well. What do you make of that?

Art Cashin: Well, it's like that old story. You put a frog in a cold part of oil and start heating it up. By the time the frog learns it's hot it's too late. People have been accommodating to the high price of oil so far, but it's getting hotter."

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