Dr. Roubini says rising oil prices will stifle any possible recovery

You have to follow CNBC to get the straight talk from the master seer:

“Oil could be closer to $100 a barrel towards the end of this year, this could be a negative shock to the economy.”

Or you could have gotten the much less publicized version of the relatively same opinion almost two months ago:

No matter – if oil continues its march, consumers won’t be joining the summer of love. And any chance of the recovery the powers that be are trying to convince them is well in hand will be swirling in a tanker parked off the Gulf Coast.

How this all plays out is anyone’s guess, but with interest rates also on the rise it seems unlikely that we are going to see burgeoning demand for goods in the near future. There’s just too much out there, and given the choice between a widescreen TV and filling up the tank, the latter is going to win hands down. Heck, even yard sales are hurting for business.