Wow. For the past five years, Exxon Mobil has been the most profitable company in America. For 2007, their $40 billion in profit was just about as much as the #2 (GE) and #3 (Chevron) companies combined. At least three years running they've also set a record for the highest-ever annual profit.
But, hey! Did you hear? We'll all be getting $600 in the mail soon!
Actually, given what I've been hearing about the prices at the pumps, I'd bet much of that will ultimately end up generating $50 billion in profits for 2008. The discrepancy between a disastrous housing market, near-record jobless rates, an economy in a tailspin and record profits from Exxon is mind-numbingly ridiculous.
The real question is how long until an even bigger collapse? I hope it doesn't happen but how much longer until the majority of vastly over-extended Americans simply buckle under the increasing load of debt?