Attired comfortably in my Ratty Old Bear Suit, I am perfectly calm and collected as I say this.

What does the market expect is going to happen when the Fed cuts interest rates again — in an effort to bail out the growing mortgage debt/banking mess? That’s right. The dollar is going to drop further, and the price of oil is going to go even higher.

Be careful what you wish for is what I say.

Today, a barrel of crude closed at $96.70 — another new record. At one point, it was trading as high as $97.10.