The Wall Street Journal had an article yesterday which pinned Franklin Roosevelt as the fellow who made the original deal with the House of Saud (ack!) near the end of WWII. The deal was we'd support their claim to political power and they'd supply us with oil at reasonable prices. The article implies we made the House of Saud in effect. We import 1/6th of our oil from them.

I do not recall reading about any Muslim extremism during WWII. It seems likely that the Saudi royal family, being more or less bounders, became more extreme in their use of religion because the religion was the only institution around which opposition to their regime could form. The more the opposition in religious circles grew, the more "religious" the bounders became.

Maybe we should push that house over and simply allow the people to decide for themselves what they want. Initially, they'd all vote themselves a religious Nazi government. But that would have to wear thin and eventually we'd get a more stable, moderate government. Whomever took it over certainly has a lot of oil to protect. And a lot of assets that could dematerialize if they ever decided to declare war on the U.S.

Ashton, you raise several good points. I don't have problems with Wall Street. I rather do have problems with the PHBs generated by the dolts here in the business school. One doesn't need to be a business school graduate to be a PHB, and not all business school graduates are/become PHBs. However, when visiting a local bar with some philosophy students, a group of Smurfs (in proper blue t-shirts, no less, from the Kelley School of Business...now you can tell which University I'm at) showed just how a PHB gets his/her/its formative education (and I use the word "education" so loosely it falls off any one of them onto the floor before they leave).

Wall Street, whatever your illusions, provides something no other institution can provide...liquidity. If you think this is a small point, read P.J. O'Rourke's "Eat the Rich". Excellent economics book.

If you listen closely to what the Bush Admin. is saying, they are saying the exact opposite of what you believe about the American public. They are saying this is going to be a slow, long, susceptible to setbacks, struggle that will define our times. Now, what part of that is paying lip service to "get it solved quick so I can make it to the next football game."?

And this Last One was not large enough. I write as M$NBC is reporting administration officials saying this isn't the last one, and it ain't even the biggest one we can expect. I concur, this is not the last, it won't be the biggest, but the next one is going to ram home a nail through every goddamn PHB's head that this will require every last bit of effort out each and everyone one of them and us.