Good lord, do you actually believe that?
Yep. You actually believe it was something else?
Oil = 147.00 barrel
1. Shippers began charging surcharges fuel = 30% to 40% of the shipping bill
2. Food manufacturers began hiking prices due to increased fuel consumption and manufacturing costs.
3. Auto sellers can't sell ANY car because of lack of disposable income from potential buyers. These buyers, instead, bought 5+ year old beaters that got 30+ mpg.
4. Imported items, which is the vast majority of our purchased goods, cost more because our dollar was so devalued.
5. Utility bills rose 20 to 30% because of oil.
6. Milk and cheese along with meat rose because of increased prices of feed for the cattle. This increase in feed due mostly to more corn and soybeans going towards biodiesel, though transportation costs didn't help any.
All the above mentioned items create a bad situation in which consumers are spending money just to survive instead of the frills and thrills. This translates into a Stock Market downturn. The mortgage crisis was due, in part, to irresponsible buyers who bought more house than they could afford. They were already, teetering on the edge, but the increased costs of all goods sent them over. Some of these buyers would have been in trouble, anyway. Get it, now?