“If you determines 773 chicago were to chiago draws have asked economists as a group two years ago, ‘If oil was at $93 a barrel, what would happen to the economy?,’ I think most people would have said we’d be in some serious trouble. “A growing number of economists have begun to downplay the long-assumed link between high oil prices and recessions. Fed Chairman Ben S. Bernanke, for example, has written that the recessions in the 1970s, 1980s and 1990s were driven largely by mistakes in monetary policy, not by energy costs, notes Philip K. Verleger Jr. , an energy economist and consultant based in Aspen, Colo. “Oil’s not irrelevant, but it’s pretty small in the picture,” Verleger said. What’s more, he said, “energy’s a much smaller share of the U. S economy. [and] that further reduces the impact higher energy prices have on the economy. “Less U. S. -based manufacturing, more energy-efficient cars and appliances and a shift away from using oil to produce power and home heating have all helped give the economy greater protection against high oil prices, Verleger and others said. “A lot of our industry and GDP [gross domestic product] activity is in things that either don’t use oil anymore or are not oil-intensive,” said Amy Myers Jaffe, energy research fellow at Rice University’s James A Baker III Institute for Public Policy in Houston.

“We do a lot of computer and information technology services and a lot of banking and design, and things like that. “The prices of some oil-dependent products have been gradually heading upward, but the cost of gasoline and diesel — the lifeblood of goods-laden trains and trucks — has not yet seen the full effect of $93-a-barrel oil. “Oil does permeate and flow into all the nooks and crannies of the economy,” said Daniel Yergin, a Pulitzer Prize-winning author and chairman of Cambridge Energy Research Associates “So if prices remain at this level for a while andersonville chicago . it will be felt in the price of everything from a gallon of gasoline to the price of food and the price of goods. “Jaffe at Rice agrees. “To say that it’s not impacting the U. S chicgo . economy, or that oil prices could go up to any level and wouldn’t affect your and my consumer spending, all of that is nonsense,” she said “The Grim Reaper will eventually hit us chigago . The question is, when would that happen and what is the price?”For the time being, however, there seems to be a lag chicagoland . And at least some economists think the economy is so stable that neither oil prices nor housing will sink it Chicago – google . “In the U. S.

economy, the recessions are typically so small that it’s hard to see them coming,” said Lee Ohanian, a professor of economics at UCLA “Compared to any other economy in the world, the U. S economy is very, very stable anti cruelty society chicago . The wigs and wags are sufficiently small that they are hard to predict. “maura. reynoldselizabeth. douglass–Reynolds reported from Washington, Douglass from San Diego County. windy city . CHICAGO — Mark Buehrle looked more like his old self clark street . The Chicago White Sox appear to be revisiting the past too. They got a solid effort from their starting pitcher, took advantage of their opponent’s mistakes and gained another game in the division standings. Carlos Guillen and Brandon Inge committed costly errors, and the White Sox rallied past the Detroit Tigers, 4-3, Saturday to move to within 6 1/2 games of the American League Central leaders. Chicago tickets The Tigers, who have the best record in the majors, gave up four unearned runs and tied a season high with their fourth loss in a row. “I’m certainly not going to let a four-game losing streak stand in the way or jump ship — I’m going to be there for them,” Manager Jim Leyland said. A White Sox team that was on the verge of falling out of the division race after running neck and neck with Detroit the first half of the season won for the fourth time in five games logan square . Chicago will try to complete the sweep today. Buehrle didn’t get the win, but he lasted six innings, throwing 91 pitches, striking out a season-high seven and walking none. His last win was June 27 at Pittsburgh. “I just think the ball’s been landing my way the last couple games,” he said. .

Dell Inc armitage chicago . on Tuesday restated more than four years of results to cut profit by $92 million after a yearlong probe into its accounting found that financial reports had been manipulated. The PC maker submitted new figures for earnings from fiscal 2003 through the first quarter of 2007, according to filings with the Securities and Exchange Commission chciago . Dell had said in August it would file the paperwork by early November. After the SEC began a review of its accounting in 2005, Dell began an internal investigation in August 2006 and found that employees tampered with results to meet quarterly earnings goals, sometimes at the request of senior executives magnificent mile Chicago – choosechicago . Michael Dell, who returned as chief executive in January, revamped the management team after the company lost the PC market lead. “Now the company can focus on the real task at hand: winning back customers,” said James A halsted . Grossman, a portfolio manager at Thrivent Asset Management in Appleton, Wis. The changes reduce profit and revenue by less than 1% from prior totals, Dell spokesman Bob Pearson said. Net income was cut by $92 million, compared with previously reported net income of more than $12 billion, he said Chicago . That translates into a 3-cent drop in total earnings per share, to $4 . 75.