While watching some news this morning, I saw a moment of stupidity on CNBC. This is a perfect example of one of the problems of mass media. The ticker on the bottom of the screen starts with "OIL PRICES PLUNGE!" and you have some talking heads saying some crap about Iran backing down, campaign rhetoric, and the record high of $157 (this may not be correct) per barrel of crude oil. I wondered how low the price had plunged, expected it to be below $100 per barrel due to the use of "plunge." Thirty seconds later, the ticker says "OIL BRIEFLY DIPS BELOW $120/BARREL."
That doesn't really seem like a plunge, but it is close to one-fifth of the price of a barrel at the height, providing I heard that one guy correctly. However, that price is still double what people were calling an expensive barrel of oil a year ago. Remember when people were predicting total financial collapse if the cost of oil hit $80/barrel? Fucking crap, you newsies never learn. You should all read this book.