Quote Originally Posted by GTakacs
Let me rephrase: Both me and my wife are professionals in the oil/gas/energy industry in TX so I don't think we'll have to find a new job any time soon.

BTW, when housing pricing goes down interest goes up so the average monthly payment for a house remains similar (it's probably the other way around, interest driving house prices not house pricing driving interest).

I figure if there is something similar to 1929 coming I'd be screwed either way 3rd mortgage or not so I try not o lose too much sleep over it.

Yes, good discussion BTW.
Hi GT, yes, I agree with you. A global recession would sink all boats and Texas oil would be no exception. This is one of the things that worry me.... I constantly hear people talking about the "emerging markets" and how China and India are industrializing--> thus keeping the price of oil high.

We in the US don't suffer high oil prices because of low supply. There's actually a worldwide oil glut, but not enough refining capacity to process it.

If the US suffers an economic downturn (and I believe it's only a matter of time) then the rest of the world is going to "catch pneumonia", mixed metaphors not withstanding.

Who'll buy the output of industrializing China, when the western countries have economic problems? Hence my "global" concern.

Do you remember Texas oil miseries in the late '80's? Think it could happen again? Nobody seems to think so, and that usually means exactly the opposite will happen. This isn't my opinion. It's the way ALL traded markets work.

Give my regards to T. Boone!