Tim Russert, Economics Wiz

Blatant bias aside, I always thought that Tim Russert was a pretty bright guy. This week's Meet the Press wasn't his best moment as he was struggling to understand the basics of supply and demand and why oil prices are expensive. Keep in mind his guest is trying his best to talk him through it.

MR. RUSSERT: Mr. Secretary, if, if demand is up but supply is down, why are the profits so high?
MR. BODMAN: For that reason.
MR. RUSSERT: No, think about that.
MR. BODMAN: You know?
MR. RUSSERT: Play it out.
MR. BODMAN: Demand is up.
MR. RUSSERT: Correct.
MR. BODMAN: Right?
MR. RUSSERT: Right.
MR. BODMAN: So you've got more demand, you're going to force price up.
You've got, you've got limited supply, and you're going to have...
MR. RUSSERT: But that's a decision by the oil companies.
MR. BODMAN: No, it is not. That is a decision--those are--oil is traded every minute of every day, and it's traded basically 24-by-seven. And it's, it is determined in marketplaces in New York and London and Tokyo, all over the world. That's the, the--the oil companies do not determine the price of oil; the producers determine the price of oil.

Read the rest here and so how Durbin, believe it or not, makes Tim look like Milton Freidman.