The oil price line looks like a waterfall

Crude Oil Drops Below $80 as Equities Slump on Credit Freeze

By Mark Shenk

Oct. 10 (Bloomberg) -- Crude oil fell below $80 for the first time in a year and copper headed for its biggest weekly drop in more than 20 years on concern that the deepening financial crisis will push the global economy into a recession.

Oil in New York is approaching its biggest weekly decline since 2003 amid plunging share prices in Asia and Europe. The S&P 500 fell 5 percent to the lowest level since the start of the Iraq War in 2003. All commodities with the exception of coffee are down on signs that demand for raw materials will drop as the global economy falters.

My observation:

We have a securities market calamity and an incredible drop in oil prices occurring at the same time. Do these forces offset each other? Or will the dramatic drop in oil prices overcompensate for the stock market decline?

For the first time in my life I want to hear from a master of the universe on an important question, and none is to be found. Step up please.