14 August 2008

Quote of the Day

Douglas Holtz-Eakin, a McCain economist, was recently quoted in the National Journal, responding to former Enron Adviser*, Paul Krugman's criticism of McCain's pro-drilling policy:
If we could get a firm commitment to expanded supply of oil on the market three and a half years from now, that would change spot market prices three and half years from now, that would change futures prices today and that would translate into pressure on prices instantaneously. You know, Mr. Krugman's a good economist; he can go back and read his finance text
*Thank you James Taranto.

h/t: John Fund, Political Diary

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