Oil crosses $103 courtesy of Bernanke comments

The weak dollar policy is just crushing consumers and careless comments by Bernanke just don't help. In all likelihood they probably thought they could control the dollar and keep it in a range to help promote exports. It's a misguided policy but certainly one that many subscribe to in politics. Unfortunately for everyone else, the Administration failed in so many other areas and the rug has been pulled from under their feet. They lost any control they had over this situation long ago and the collapsing banking industry is compounding the problem.

When oil tested and broke through the $100 mark, this opened up an entirely new situation. The psychological barrier of crossing $100 is not there any more so it can just as easily push upward to $110 as it can to drop back down to the low $90s. Making matters worse is that the dollar has again become the 98 pound weakling at the beach. It crossed the $1.50 - €1 support level so again, now that it's been crossed it can get worse easier and faster. The end result for Americans: inflation and probably stagflation. Without a fast drop in oil prices (which is of course, possible) along with a jump in income (much less likely) Bernanke and the Fed are implementing policies that are disastrous for most Americans.