EVERYTHING IS GOING SWIMMINGLY: It’s Starting To Feel A Bit Like July 2008. “One of the theories seeking to explain the Lehman collapse and the ensuing financial crisis points to the record surge in oil prices which rose as high as $150 in the summer of 2008, and which combined with tight monetary conditions, precipitated a giant dollar margin call which in turn pricked the housing bubble with catastrophic consequences. In his latest note, SocGen’s resident permabear draws on that analogy and writes that ‘as energy prices surge with a backdrop of central bank tightening it’s starting to feel a bit like July 2008’ referring to that moment of ‘unparalleled central bank madness as the ECB raised rates just as oil prices hit $150 and the recession arrived.'”