Neal Soss is the chief economist at Credit Suisse, a huge investment and banking firm. According to Yahoo! Finance, he has been taking a look at the global economy and has been encouraged by what he has seen. One particular point of interest was his commentary on gasoline prices. He says that Americans are in a much better financial situation to deal with $4 a gallon gas prices this time than they were in 2008. He believes Americans can deal with this level without much economic downside.
“We can live with this level of gas prices. The effect of gasoline prices on consumer behavior particularly is partly a reflection of shock value.”
So, what do you think? Can you live with $4 a gallon gas prices? Is this acceptable? The new normal?